Until recently, the steep costs associated with Battery Energy Storage Systems (BESS) made them inaccessible to most buildings. However, between continual prices declines and big incentives, there is now growing interest in acquiring battery storage systems.
The Versatile Benefits of Battery Energy Storage Systems (BESS)
Before delving into the purchase of battery storage systems, it's beneficial to reconsider the array of advantages they offer:
Solar Integration: By integrating Battery Storage with solar systems, the efficiency of solar energy generation can be enhanced, maximizing the monetary value derived from solar power.
Backup Power: Businesses can mitigate disruptions by securing uninterrupted power access during outages, ensuring smooth operations.
Energy Cost Management: Strategically managing energy costs involves synchronizing battery usage with peak cost periods, thereby reducing energy supply and demand charges.
By evaluating these use case scenarios and assessing their value, buildings can balance the investment costs of Battery Energy Storage Solar (BESS) against the economic and peace-of-mind benefits that battery storage systems offer.
Battery Storage Pricing Trends
After having declined approximately 90% over the past decade, The National Renewable Energy Lab (NREL) projects that battery storage prices can decrease an additional 47% by 2030. Since the commercial sector is a smaller part of the of the Battery Energy Storage System market, NREL uses Utility Scale Battery Storage System pricing data for its forecasts.
The Optimal Time To Purchase A Battery Energy Storage System
Considering that BESS pricing will continue to decline, and incentives will remain favorable over the next few years, the best time to invest in a BESS is when the benefits are most valued, and the return justifies the significant initial investment.
"The best time to invest in a battery storage system is when you really need it and can get a favorable return-on-investment.
Source: NREL