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The Ultimate Guide to Residential Battery Storage

Posted by Jim's Energy on 20-Nov-2018 15:07:51

Solar battery storage solutions have become a hot topic recently but despite the rapidly falling cost of technology, their financial viability is still up for debate. It’s important to make an informed choice when installing a battery storage system, so we have developed our Ultimate Guide to Residential Battery Storage to assist you.

Is residential energy storage right for you? >


The benefits of investing in battery storage >


Financing solar storage and typical payback >


 

Is residential energy storage right for you?

Quick battery storage checklist – is solar battery storage right for me?

  1. Is your current electricity bill over $500 per quarter?
  2. Is your roof suitable for solar?
  3. Do you use most energy during peak times?
  4. Are you worried about continuously rising electricity prices?
  5. Are you in a regional area or impacted by blackouts?
  6. Do you have a well-ventilated space in your house or garage to install a battery?

If you answered ‘Yes’ to three or more of the above, a solar battery storage system could make sense for you.

As you are probably aware, batteries alone do not produce electricity, they simply store and release it. So, your first step should be determining your suitability for residential solar, click here to read our guide. When choosing a solar provider, preference should be given to a Clean Energy Council (CEC) approved solar retailer that provides quality products, has a proven track record and dedication to customer service. Select a supplier who can offer both solar and battery storage solutions rather than trying to find a separate battery provider as most reputable companies will not retrofit a battery into an existing system they have not installed.

Learn more about residential solar systems and the solar PV options available through Jim’s Energy >

Already have a solar system installed?

Generally, we do not recommend battery storage for older solar PV systems less than 4kW as you may not be generating enough excess energy to store in a battery. However, if you know you are exporting the majority of your generation, a battery could still be a good option. It’s possible to replace your existing inverter with a battery-ready inverter or a hybrid battery-inverter, but we recommend speaking to an expert to fully understand your options. The cost of a battery system alone can be broken down into:

  • The battery itself
  • A battery-ready inverter to convert DC to AC power
  • A battery management system to monitor and control charging and power dispatch
  • Installation
  • Maintenance

As with any major purchase, be wary of providers offering cheap battery options, they are likely to be too small, have limited warranties or hidden costs.

Types of batteries

  • Lead Acid
  • Lithium-Ion the most popular choice for on-grid battery storage
  • Flow
  • Sodium Nickle Chloride

Suitable consumption profiles

The primary purpose of installing a battery storage system is to store any excess energy produced by your solar system, instead of feeding it back into the grid. This allows you to use more stored energy at times throughout the day or night when your solar panels are not producing energy. If you use most energy during peak times (early morning or late afternoon), or export most of your solar generation, a battery could be a good option.

 

The benefits of investing in solar battery storage

As electricity prices continue to rise and with the current lack of policy certainty, Australians are looking to take back control of their energy usage and become less reliant on the grid. Solar battery storage systems are an excellent way to secure a lower electricity rate long-term, while reducing your carbon footprint.

Store excess energy

If you are on a time-varying rate, electricity will cost more during peak hours and less during the daytime when your solar panels are at their most productive. Therefore, you could benefit from a battery storage system to store electricity generated by your solar system during the day and use it during peak times mentioned above.

Understanding time-of-use (TOU) electricity rates and feed-in tariffs

From 1 July 2018, the Essential Services Commission (ESC) has announced that energy retailers in Victoria must offer at least one of two feed-in tariffs (FiTs):

  • the time varying FiT and/or
  • the single-rate FiT

 

Off-Peak

Shoulder

Peak

Time-Varying FiT

10pm – 7am

7am – 3pm & 9pm – 10pm

3pm – 9pm

Rates

7.1 c/kWh

10.3 c/kWh

29.0 c/kWh

 

You can see from this diagram that the average household will see consumption spikes first thing in the morning and again in the evening. These spikes are largely unaffected by solar generated during the middle of the day, using stored energy during the spikes makes a strong case for battery storage.

Understanding battery capacity

It's a common misconception that batteries can power an entire household. A typical battery can power household lighting and appliances (like your all important fridge and TV) but cannot power multiple air conditioning units or other high energy users like electric car chargers.


Prevent blackouts

With a standard solar system, you will still lose power during an outage because your panels are connected to the grid. However, when you add a battery, your home can use the solar energy stored in the event the grid goes down. Solar battery storage is more attractive than traditional diesel generators as they provide backup power without producing greenhouse gas emissions.

Reduce your carbon footprint

Going solar is a fantastic way to reduce your carbon footprint and consumption of electricity generated by fossil fuels. A 5.4kWh solar system typically generates as much energy as it takes to drive 2 cars for a year or represents the carbon sequestered by over 250 trees grown for 10 years!

Our CEO, Erik & Project Coordinator, Jack at a Redback installation 

Financing solar battery storage and typical payback

Paybacks for solar and battery storage are different for every household and depend on your electricity usage over time, the price you pay for electricity and your system’s performance over and above the warranted specifications.

The good news is that batteries are now financially viable.

Jim's Energy are offering an exclusive opportunity to finance a 6.4kW solar system + 4.8kWh Redback storage for as little as $29 net outgoings per month^.

 REPAYMENTS 

 ENERGY SAVINGS 

= $67

x84 MONTHS OUTGOINGS

 

$29 

x84 months

net outgoings^

 

$208.40 x84 MONTHS

$140.83 PER MONTH

 SOLAR VICTORIA SUBSIDY 

 POWERRESPONSE CREDIT 

= $38 

MONTHLY SAVINGS

$2,225

$1,000

 ^Terms and conditions apply. Based on 28 c/kWh electricity rate, 84 month finance term,  8% annual increase in electricity prices, 0.5% annual solar degradation rate, eligibility for the maximum Victorian Solar Homes subsidy and EnergyAustralia's PowerReponse program.

PLUS if the Victorian Labor party win November's election, there will be an additional subsidy of $4,838 for the first 10,000 households to install battery storage.

 

Jim's Energy are making solar and battery storage affordable.

Make the most of our PowerResponse program and get $1,000 upfront discount for switching to EnergyAustralia plus an additional $120 per annum minimum over 3 years.

Check Eligibility Victorian Solar Rebate

Request a Quote Learn more about solar and battery storage

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Topics: solar battery system, solar battery, solar finance, solar pv, residential solar, sustainability, solar energy, renewable energy, jim's energy, battery storage, feed-in tariffs, government incentives, victorian solar rebate, solar rebate

Applications open for the Victorian solar rebate

Posted by Jim's Energy on 18-Oct-2018 11:05:30
If you haven't already heard the news - the Victorian Government's Solar Home rebate applications are now open! You can now check your eligibility and apply to claim up to $2,225 off the cost of your solar system.
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Topics: victorian solar rebate, solar rebate, neighbourhood solar, solar pv, incentives, community solar, jim's energy, residential solar, government incentives, sustainability, renewable energy, solar energy

STC price changes coming into effect from 1 October 2018

Posted by Jim's Energy on 11-Sep-2018 17:38:05
As you may be aware, the number of small-scale technology certificates (STCs) you are able to claim for solar systems <99kW is set to decrease again by 6.5% on 1 January 2019.

If you didn't already know, STCs are a federal government subsidy that are set to be phased out by 2030.

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Topics: victorian solar rebate, solar rebate, solar pv, renewable energy, solar energy, government incentives, residential solar, incentives

Andrews' Victorian Solar Rebate Explained - Get Up To 50% off Residential Solar

Posted by Jim's Energy on 20-Aug-2018 15:26:01
Great news for Victorians! Yesterday, the Andrews Government invested $68 million to launch their Solar Homes program. The new Victorian solar rebate will give homeowners the opportunity to install a solar panel system for half price and pay the rest of the cost back over four years with an interest-free loan.

What do we know?

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Topics: solar finance, solar pv, residential solar, government incentives, sustainability, renewable energy, solar energy, solar rebate, victorian solar rebate

Solar battery storage installations ramping up

Posted by Lillie Gredley on 16-Aug-2018 11:28:04
Over the last few months, it has been fantastic to see an increase in solar battery system installations.

Particularly for customers in more regional areas, solar battery storage now offers a viable financial return. A residential energy storage system allows you to:

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Topics: solar pv, residential solar, renewable energy, battery storage, solar battery, solar battery system

Exclusive PowerResponse Opportunity

Posted by Lillie Gredley on 17-Jul-2018 14:35:52

Jim's Energy are pleased to invite customers to join EnergyAustralia's PowerResponse program.

The PowerResponse program received funding as part of ARENA's Advancing Renewables Program - Demand Response and is available for a limited time only. Join and receive:

  • Discounted electricity rate from EnergyAustralia
  • $1,000 credit on your bill
  • Additional credits for each demand response event*
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Topics: grid connection, electricity retailer, solar pv, incentives, residential solar, sustainability, battery storage, solar energy, renewable energy, demand response

Jim's Energy Sales Professionalism

Posted by Lillie Gredley on 13-Jun-2018 09:51:27

We recently received a fantastic testimonial from a Jim's Energy customer, explaining the importance of sales professionalism.

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Topics: Jim's group, solar pv, residential solar, renewable energy

Understanding time-varying feed-in tariffs

Posted by Lillie Gredley on 22-May-2018 08:34:45
From 1 July 2018, the Essential Services Commission (ESC) has announced that energy retailers in Victoria must offer at least one of two feed-in tariffs (FiTs):
  • the time varying FiT and/or
  • the single-rate FiT
Read More

Topics: solar pv, feed-in tariffs, energy efficiency, solar energy

Jim's Energy Post-Installation Guide

Posted by Lillie Gredley on 10-Apr-2018 11:15:55

Congratulations! Your solar system has been installed - but what happens next?

Jim's Energy explains the post-installation process for residential solar energy and some common misconceptions.

  • When will my solar system start producing energy?
  • How long will it take for my electricity retailer to connect my system to the grid?
  • When will my feed-in tariff appear on my electricity bill?
Read More

Topics: solar pv, residential solar, feed-in tariffs, solar energy, energy efficiency, electricity retailer, grid connection

What's the best way to finance a solar system?

Posted by Lillie Gredley on 20-Mar-2018 17:10:21
If you're considering solar for your home, you're probably weighing up the options for financing your project.

There's no 'best way' to finance a solar system, but this article explains some of the most popular ways to finance a residential solar energy project:

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Topics: solar pv, residential solar, renewable energy, solar energy, solar finance, feed-in tariffs

Jim's Energy launches in NSW

Posted by Lillie Gredley on 23-Feb-2018 09:21:51

After the success of our inital launch in Victoria, Jim's Energy has now officially expanded to New South Wales. Offering a portfolio of solutions to improve households' energy efficiency, Jim's Energy specialises in the supply and install of residential solar, energy storage, energy broking and energy monitoring systems.

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Topics: Jim's group, solar pv, community solar, jim's energy, residential solar, sustainability, renewable energy, energy efficiency, battery storage, solar energy

Customer demand surges for Jim's Energy

Posted by Lillie Gredley on 25-Jan-2018 16:18:05

As 2017 comes to a close, Jim’s Energy, celebrates its launch and huge growth, having already installed solar systems for hundreds of customers throughout Victoria. Divisional Manager, Erik Zimmerman says:

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Topics: Jim's, Jim's group, neighbourhood solar, incentives, community solar, solar pv, jim's energy, residential solar, sustainability, renewable energy, energy efficiency, solar energy

Jim's Group goes Solar!

Posted by Lillie Gredley on 05-Dec-2017 09:47:52

Jim Penman explains why Jim's Group has gone solar.

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Topics: jim's energy, solar energy, Jim's group, Jim's

The Solar Bulk Buy Experts

Posted by Lillie Gredley on 04-Dec-2017 11:02:04

Jim’s Energy are proud to offer solar bulk buy campaigns through our corporate and independent organisation and community energy partners.

We were recently selected as the preferred supplier for the Strathbogie Bulk Buy run by the Yarra Energy Foundation and have installed over 450kW of solar across the region. Jim’s Energy are bulk buy specialists with over 200 solar bulk buy and solar neighbourhoods completed since 2007. We have more collective experience than any other company in Australia.

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Topics: community solar, residential solar, incentives, solar pv, neighbourhood solar

The National Energy Guarantee (NEG) Explained

Posted by Lillie Gredley on 19-Oct-2017 15:40:08

This week, the federal government announced that they will be moving from the Clean Energy Target (CET) proposed by Chief Scientist Alan Finkel, to a new energy policy called the National Energy Guarantee (NEG). This is big news in the industry, after a tumultuous year and many months of indecision.

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STCs set to drop an additional 6.5% on 1 January

Posted by Lillie Gredley on 02-Oct-2017 17:27:15

Did you know the price of Small-Scale Technology Certificates (STCs) has dropped dramatically over the last few months and is showing no signs of slowing down?

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4 big reasons to go solar in 2018

Posted by Lillie Gredley on 31-Aug-2017 16:28:22

No matter how many panels you can fit on your roof, going solar will certainly have a positive impact in reducing your electricity bills and carbon emissions.

  • Generous return on investment
  • Feed-in tariffs
  • Battery ready status
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Topics: feed-in tariffs, solar energy, residential solar, jim's energy

Is your roof suitable for residential solar?

Posted by Lillie Gredley on 21-Aug-2017 17:23:45
A question the Jim's Energy team is often asked: is my roof suitable for solar?
There are a number of factors that impact your roof's suitability for solar but here are the most important:
  • Roof area and shading
  • Roof material and pitch
  • Direction
  • Your current switchboard
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Topics: solar energy, residential solar, energy efficiency, sustainability

The increase in Victorian solar feed-in tariffs explained

Posted by Lillie Gredley on 01-Aug-2017 15:15:31

Great news for Victoria! As of 1 July 2017, the solar feed-in tariff for households will officially be increased from 5c/kWh to a minimum of 11.3c/kWh. A feed-in tariff is a payment for electricity fed into the supply grid from a renewable energy source, such as a residential solar energy system.

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Topics: energy efficiency, solar energy, feed-in tariffs, government incentives, renewable energy

The world's biggest battery storage solution is coming to South Australia, but what does it mean for you?

Posted by Lillie Gredley on 27-Jul-2017 15:19:48

Elon Musk has agreed to build the world’s biggest lithium ion battery in South Australia in 100 days.

The array will be capable of an output of 100 megawatts (MW) of power at a time and will be able to store 129 megawatt hours (MWh) of energy. It is to be connected to the Hornsdale wind farm, which is currently under construction in SA.

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Topics: solar energy, battery storage, energy efficiency, renewable energy, sustainability