LG Electronics offers high quality and efficient solar panels and our sister company LG Chem offers some of the best lithium-ion solar home batteries.
The LG Solar Specialist network can provide free advice on home battery storage or battery ready solar systems. To find your local LG Solar Specialist, click here.
In recent times household energy costs have increased which has contributed to the recent strong interest in battery storage solutions. With several brands offering solar energy solutions, one of the most important questions is what product is best for you? Here are 3 points to consider when selecting a battery storage system:
Battery storage for solar is here to stay
The sales of batteries for grid connected solar products have already started to soar, albeit form a very small base. Battery prices have come down in the past three years and the trend is expected to continue in the future. Whilst many buyers are early adopters and technology lovers, some are already installing battery systems because of the financial benefits.
Does battery storage make sense for you?
Whether battery storage stacks up for you is dependent on a number of factors. It is clear that financial viability alone doesn't necessarily drive the decision. The best scenario is when you:
• have paid off your solar system and it is “battery ready”,
• are on a high electricity rate; and
• have relatively low demand.
In this scenario, your solar system is generating significant excess electricity and a battery will make financial sense.
There are also a lot of other vital issues to consider that make a significant difference between a technology that makes no financial sense and an intelligent technological solution that makes great financial sense.
To summarise, it’s not just the cost of the battery that counts, but the value you can extract from the battery, from storing electricity for your own use later in the evening to reducing time of day demand charges.
There is no simple “one size fits all” solution and it is relatively complex to determine the right size for a solar and battery system. To assist you please seek advice from your local LG Solar Specialist.
As a rough guide, today a quality residential LG solar system has a payback period of 4 to 5 years1 and a residential solar system with a battery solution will have a payback period of 6 to 10 years.2
How to choose your solution
Whether you are still deciding or are ready to proceed, we recommend working with an LG Solar Specialist who can provide options for your energy needs. The LG Solar Specialist will look at your specific tariff structure, demand profile, energy consumption and solar output, which varies from region to region.
This detailed analysis will define the viability of a battery solution in your particular situation and is the most complex and important part of the process. Proper modelling will ensure good outcomes.
Credit to Nigel Morris from Solar Analytics for his major contribution to the above information https://www.solaranalytics.com/au/
1 Based on current retail prices for a 5KW residential LG solar system, current retail electricity prices and at least 60% of the electricity generated by the solar system being consumed during sunlight hours.
2 Based on current retail prices for a 5KW residential LG solar panels and a 6.5KWh LG Chem battery system, current retails electricity prices, and favourable demand patterns (e.g. high evening demand).