Solar Storage for Energy Security

December 8, 2022 By Himanshu Wadhwani

The mighty Sun that shines down on us is a key source of all energy on the planet and yet its powers continue to be largely unutilized.

There have been significant efforts to harness solar power given its capability to be a renewable source of clean energy. It can ensure an infinite supply of power that is free of fuel expenditure to use all day everyday. It is a clean, green and efficient source of energy that does not deplete any natural resource.

The sun bathes the Earth radiating so much light and heat on the planet that if all this solar energy is captured for just one hour, it can power the whole world for an entire year, in other words, solar radiation can satisfy the energy needs of the planet nearly 4,000 times over.

Even as the world continues to innovate for more used cases for the production as well as adoption of solar energy, the ever escalating and volatile price of energy from sources like oil and gas, has been expediting the global transition to renewable energy. The sudden increase in these energy prices and its contribution to rising inflation is causing policy distress globally as consumers face high costs of living.

Solar Storage for Energy Security

Solar energy however can be made readily available at a fraction of this cost. It can be produced even on the rooftop of high-rise buildings.

The key problem however is to address its intermittency given that the sun does not shine all day. Therefore, integrating reliable storage methods for solar energy is a crucial element to ensure steady supply during times of low or no energy generation, and ensure the mitigation the risk of grid blackouts as well.

Systems that combine solar and energy storage reduce the intermittency and cost of energy, as well as CO2 emissions, whilst ensuring energy security.

Harnessing solar power whilst also ensuring its efficient storage is one of the best opportunities for Energy Security.

The continued expansion of renewables, major cost declines in both solar and storage assets, and technological advancements that make renewables easier to manage are key factors that can fuel the market. Integrating smart technologies can make solar plus storage systems even more impactful, mitigating challenges and accelerating the transition to clean energy.

Solar plus storage increases the ROI of renewables projects by reducing part of the capital outlay required that is fewer panels required for same revenue while bringing new revenue streams like 24 hours of supply.

Solar-storage solutions can also provide grid stability, allowing stored power to be used when power demand is high and solar generation is low, ultimately selling the units on higher rates. By introducing some smart technologies, solar and storage can also help prevent blackouts.

The developers in the Open Access Solar Market for Commercial and Industrial (C&I) customers will be benefitted from better utilization and higher realized tariffs which will eventually boost the market and attract more players to step in. Ultimately, leading to Energy Security.

***

Image credit – rayspowerinfra.com

Leave a Reply

Language