Generally speaking, energy storage is the conversion of electrical energy into a stored form for use at a later time to reduce the imbalances between energy production and energy demand. Energy storage creates a more flexible and reliable grid system, and it is commercially available today as a tool for making facilities resilient, reducing electric bills, and earning revenue.
Despite showing remarkable progress in recent years, not many industries use energy storage solutions for clean and reliable electricity supply. But, whether you run a small warehouse or a large commercial space, energy storage is your best bet at managing and maintaining your power demand. This is because energy storage delivers numerous advantages to the power grid and consumers.
Here are three of these benefits.
1. Save Money
Energy storage solutions save you money in many different ways. First, by using stored energy during brief outages, you can avoid costly business disruptions and continue normal operations. Second, residents can save money on lost food and medicines as they’ll have electricity to power their refrigerators and other home equipment.
Third, energy storage can reduce the cost required to provide frequency regulation and spinning reserve services during peak periods at higher electricity rates.
2. Improved Reliability And Resilience
The beauty of energy storage solutions is that they can store vast amounts of electricity anywhere on the grid, maintaining high reliability in electric supply. Additionally, energy storage projects don’t require a large area for development so they can be scaled to the needed size to meet your electrical needs, making them more reliable.
Energy storage also provides flexibility for the power grid by providing uninterrupted power to consumers wherever and whenever they need it. This, in turn, enhances security by creating a more efficient grid that’s resistant to disruptions.
3. Reduces Environmental Impacts
Since energy storage saves electricity for later use, it creates efficiencies and capabilities for both the environment and the electric grid. For instance, energy storage can reduce greenhouse gas emissions by producing clean energy. This means an energy storage system can be placed anywhere in a facility with no air quality or environmental impacts.
Additionally, by improving the overall efficiency of the power grid, energy storage helps accelerate the adoption of renewable sources of energy such as solar and wind. It also offsets the need to build new power plants that emit harmful pollutants to the environment and increases the capacity factor of existing resources.
Energy storage solutions benefit not only the consumer and power grid but also the economy at large. For example, improved energy storage technologies increase the economic value of wind and solar power and create new income sources for rural landowners.
Thanks to advancements in technology, a wide variety of energy storage solutions have been developed so that the electrical power grid can meet your everyday energy needs.
All in all, energy storage solutions provide clean, safe, and reliable energy to residential and commercial clients.