Lithium batteries have been around for a while, but recently, their affordability and effectiveness have improved significantly. This means that they are now a viable option for many people who are looking to use solar power more efficiently. In this article, we will explore the advantages of lithium batteries and how they have changed the prospect of using solar power.
One key factor to consider when investing in solar panels is the return on investment (ROI). If you don't use the power generated wisely, the ROI on your solar investment may not be as good as it could be. However, with the advent of affordable lithium storage batteries, the whole dynamic has changed.
According to a study by, Lithium-ion batteries are the best type of battery for solar energy storage. They have a high energy density, which means that they can store a lot of energy in a small space. They also have a long lifespan, with most lithium-ion batteries lasting for 10-15 years.
In terms of return on investment, imagine if you invest in a 10kV battery pack, which will cost a maximum of £4,000. The payback on this investment is now much better, because you can store power, that is worth £21,000 to you over long term. This means that the investment in a lithium battery is now a no-brainer for those who already have a solar system in place.
Of course, the investment is higher if you are installing a completely new solar system, where you will charge your battery with solar energy. However, this creates a powerful setup where, during the day, the energy generated by your solar panels is not wasted but is instead used to charge your standby lithium battery.
With today's price correction, a complete kit of 5kV of solar panel, inverter and a 10kV battery costs as less as £10,000 including installation which makes it really worthwhile for the investment based on the payback received on the power.
According to the Guardian, some of Britain's biggest energy suppliers are now offering discounts for off-peak electricity usage. This means that if you have a smart hybrid inverter, you can charge your lithium battery during off-peak hours when electricity is cheaper, and then use the stored power during peak hours when electricity is more expensive. This can save you a significant amount of money on your electricity bills.
It's worth noting that lithium batteries have become much cheaper than they used to be. For example, a 10kV battery now costs around £400 per kW, which is a fraction of what it used to cost. This means that the investment in these batteries is now much more affordable, and the payback has improved considerably.
In general, the payback period for a lithium battery is usually between 5 and 10 years. This means that after the initial investment, you will start to see a return on your investment relatively quickly. In addition, the government offers grants for solar panel installations, which can help to offset the cost of the initial investment.
In conclusion, lithium batteries are now a viable option for those looking to use solar power more efficiently. They are affordable and effective, and can provide significant savings on your electricity bills. With the advent of smart hybrid inverters, the whole process of using solar power has become much easier and more convenient.
If you want to learn more, speak to one of our V-TAC lighting and energy specialists.