By: Kevin Williams
Categories: HVAC Electrical Solar
The market for home renewables continues to climb, as evidenced by the fact that the global residential energy storage market will grow at a compound annual growth rate (CAGR) of 68 percent by 2012 according to Technovio. Some U.S. cities are even starting to require solar panel installations for all new residential construction and some home renovations. In addition, the U.S. energy storage market could reach $2.5 billion by 2020, according to McKinsey.
Some of the reasons for the growth of both markets are because the costs are rapidly declining for photovoltaic and energy storage, and because energy costs are rising as well. Consumers are also more conscious of how their energy choices impact the environment, and are thus motivated to use renewable energy sources.
The fact that storage makes it possible to use solar energy even on cloudy days means that pairing solar and storage together an ideal choice for homeowners who wish to reduce electric bills and reduce their carbon footprint.
Another benefit of solar plus storage is that it makes blackouts less likely in the neighborhoods where it has been implemented by relieving grid constraints. The output from a solar plus storage system can provide excess solar or battery power that will flow back to the local grid, reducing the load and preventing energy failures.
All of this is good news for solar contractors and installers who’ll also benefit from the growth of the energy storage market as a way for them drive increased revenues with solar plus storage solutions.
The next logical step to maximize the advantages of solar plus storage is to integrate it with IoT technology. Solar customers benefit from this in the following ways:
Monitor and manage stored solar energy – Smart solar energy storage allows homeowners to measure the energy they store from photovoltaics and optimize its use. As a result, they can lower their energy bills and reduce waste as much as possible. This can also reduce the costs of home ownership and make homes easier to sell. It also helps homeowners ensure that they have the energy to back up their energy systems to make them more reliable.
Create local energy economies – Homeowners can sell their stored solar energy to their neighbors in safe transactions through micro-grids and blockchain technology. For instance, one neighborhood in Brooklyn is experimenting with a micro-grid economy where neighbors store and sell energy to each other that they generate from solar panels. They manage everything through apps on their smart phones.
Integrate stored solar into home automation – Through smart solar energy storage, homeowners can integrate smart home devices and then power them using stored solar energy. As a result, they’re able to enjoy the enhanced convenience and lowered costs of efficient energy generation and usage throughout their entire smart home.
The solar and energy storage industries will continue to grow for the foreseeable future, and IoT technology only increases the benefits they can provide to customers. Because of this, smart solar plus storage is an excellent way for solar installers and contractors to create additional revenue streams for their businesses.
WISE technology is a superior choice for solar contractors interested in offering smart solar plus storage. Contact us to discuss how you can offer WISE technology to your customers are part of a smart solar energy storage solution.