With rising electric rates, your investment in solar panels will yield a healthy R.O.I., but is it time to install a solar battery as well?
Currently, batteries typically cost between $5,000 to $7,000 (that’s a pretty penny!) Here are some other factors to consider:
- Even if you choose to invest in solar storage, you will remain tied to the grid.
- Batteries that are designed to operate independently off-the-grid will generally cost more.
- Many states do not yet employ additional usage-based charges.
Usage Charges For Solar Batteries
Usage-based charges? Take a look at what these look like in other states:
Time-Of-Use Rate Charges: [not currently used in Florida]
T.O.U. rates mean that your cost per kWh increases during periods of high electricity demand also called peak hours. This would mean, for example, that while you may only pay $.12/KwH at 3 am on a Saturday night, you could be charged $.24/KwH at 6 pm on a Tuesday night.
Demand Charges are fees incurred by the demand your consumption places on the grid. This is generally determined by both your total monthly usage and your usage during peak hours.
As more states adopt usage-based charges and battery prices decrease, a solar battery will become a more economically viable option for energy storage.