Are solar-plus-storage projects economically viable?
Technology cost and utility rate structure are key drivers of economic viability of solar and storage systems. This paper explores the economics of solar-plus-storage projects for commercial-scale, behind-the-meter applications. It provides insight into the near-term and future solar-plus-storage market opportunities across the U.S.
Where is solar-plus-storage available?
Near term markets exist for solar-plus-storage in locations such as California and New York. As technology prices drop, the number of building types that can benefit increase, and additional markets appear in Colorado, New Mexico, and Alaska.
Will the solar-plus-storage market grow?
At the lowest technology cost point modeled, solar-plus-storage is economical in 10 of the 17 locations and in all of the 16 building types modeled. This suggests that the solar-plus-storage market will grow significantly if solar and storage costs continue to decline as expected in the future.
How do solar-plus-storage rates affect energy savings?
Solar generation primarily provides energy savings, while storage primarily provided demand savings, so both components of the rate affect expected savings of solar-plus-storage systems. Fig. 9, Fig. 10 show how savings increase as these components of the rate increase. Fig. 9.
Are lithium-ion batteries a viable alternative to a solar-plus-storage system?
Nottrot et al. optimized an idealized solar-plus-storage system to achieve a preset amount of load peak shaving and found that the system’s NPV decreased significantly with forecasting data ( Nottrott et al., ). Basing their model on , they predicted lithium-ion batteries would be financially viable in the range of $400-500/kWh.
Are solar PV and battery energy storage systems a good investment?
With rapidly falling solar PV and battery energy storage costs (U.S. Energy Storage Monitor: Q3 Full Report, , U.S. Energy Storage Monitor: Q3 Full Report, ), there is a growing interest in using behind-the-meter, grid-connected solar PV and energy storage systems for energy and demand savings.
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