Battery Storage Technology

Basic information:

Optimizing your home's storage system enhances the efficiency of energy generated by solar panels, guaranteeing uninterrupted power even during inclement weather. By reducing reliance on the grid and storing surplus energy, you secure a steady supply while maximizing the benefits of your solar investment. Plus, surplus energy can potentially be sold back to the grid, offering additional financial returns for environmentally-conscious homeowners.

Cost:

While cost is undoubtedly a pivotal consideration for any home upgrade, it fluctuates based on your existing installations. For a comprehensive setup including solar panels and a battery, prices typically span between $25,000 to $35,000, whereas opting solely for a battery averages between $12,000 to $22,000.

Tax rebate information:

Rebates in the form of tax credits are available to home owners that can lower the cost of implementing battery storage technology up to 30% as outlined below:

1. 30% for property placed in service after December 31, 2016, and before January 1, 2020.
2. 26% for property placed in service after December 31, 2019, and before January 1, 2022.
3. 30% for property placed in service after December 31, 2021, and before January 1, 2033.
4. 26% for property placed in service after December 31, 2032, and before January 1, 2034.
5. 22% for property placed in service after December 31, 2033, and before January 1, 2035.

Practices:

By following these steps and staying proactive in managing and optimizing your solar panel battery system, you can maximize its benefits in terms of cost savings, energy independence, and environmental sustainability.