Home battery systems are becoming as integral to the 100% clean energy home as solar itself.
By allowing your customers to use the solar power they generate when it’s most useful, and not just when the sun shines, batteries can prove to be a compelling addition to the value you can offer.
Maximizing Your Customers’ Returns From Solar
As storage hardware costs decrease, batteries can increasingly offer tangible financial benefits for homeowners. The specifics will vary, but as detailed by the Rocky Mountain Institute’s report "The Economics of Battery Storage", money-making battery applications for consumers generally fall under the following categories:
greater Solar Use in the Home
Utilities in some states, such as Hawaii, now offer less-than-full retail rates for new, residential solar customers selling electricity back to the grid. In these cases, batteries can allow homeowners to put solar-generated electricity directly to use in their homes rather than sending it to the grid. This saves the homeowner money because they can avoid buying electricity from the utility while their batteries are powering the home.
Battery Use When Power is Most Expensive
Another type of electricity rate that utilities are increasingly applying to residential customers is called time-of-use (TOU) pricing. This means electricity prices vary by the time of day to reflect overall power demand. When more power is needed by homes, prices rise. When less is needed, prices fall. Thus, TOU rates generally mean higher prices during peak periods of the day, and lower prices overnight.
Additional Utility Fee Avoidance
Some utilities require customers to pay fees—known as “Demand Charges”—based on their period of highest power usage or for their consumption during pre-defined peak periods. Battery systems can help avoid these charges by using stored solar energy during times of peak power demand instead of drawing on the grid, effectively “smoothing out” consumption over time to stay below the demand charge threshold.
Mosaic now provides an easy solar-and-storage financing solution for customers interested in creating a 100% clean energy home that’s truly on the cutting edge.
Contact your Account Manager today to learn more about our storage financing.