Installing solar panels is one of the best things that homeowners can do to increase their home's energy efficiency and reduce their heating and cooling expenses. One of solar power's greatest shortfalls, however, is its inability to produce energy when the sun is not shining.
While there are storage systems for large scale solar farms that can bank power, this is not a feasible or affordable option for most residential solar power systems. CNN Money reports, however, that several companies are producing lithium ion battery storage systems that can capture and store power to be used in a house on a later date.
According to the source, homeowners will benefit the most from these batteries during power outages. While homes with traditional power systems will be stuck in the dark, a house with a lithium battery will be able to keep running at full power for up to two days.
Houses with solar power storage systems can also allow the owner to control how much electricity is used during certain parts of the day. This is an especially useful benefit in markets that charge more for energy during peak hours when demand is high.
The upfront cost of the batteries, some of which are produced by companies like Tesla, BYD and Bosch, have stopped many consumers from purchasing a solar power system for their home. Their prices currently range from $3,000 to $10,000 depending on the size. Despite this issue, many manufacturers expect homeowners will eventually see the long-term benefits of this product.
If you're interested in making any major changes to your house, be sure to reach out to a home inspection company first.