Solar power isn’t always available when it’s needed, which means that homeowners cannot cut ties with utilities completely. Even if they were to adapt their electricity consumption to coordinate with the sun, they would only achieve a maximum 30% of the ratio of on-site consumption. Solar storage systems that can double this ratio by using electricity produced at midday to cover high demand in the evening, are still relatively expensive.
But that’s all about to change. The technology is becoming cheaper thanks to growing competition in the storage market, technological innovations and economies of scale due to larger production quantities. Many solar providers have readjusted their portfolios to include storage systems.
Lithium-ion battery suppliers are doing everything they can to keep up with the costs of lead technology. The most important difference between the two technologies is that lithium-ion batteries can store more energy while requiring less space, and that they can be charged and discharged more frequently than lead-acid batteries. That’s why lithium technology is still pricier than its lead counterpart. Making photovoltaic combined with a solar battery an economical option.