Installing solar panels on your roof top has been a very effective way of cutting your electricity bills. However, households are set to make even more money as huge advancements in Battery Technology are about to transform the industry.
Before we talk about battery technology, let’s take a look at why batteries are so important. The primary reason batteries can make such a big impact is that the sun shines throughout the day while households use energy in the evening – after sunset!
This simple fact has been a big problem as until now, we have not been able to efficiently store energy. We are therefore forced to either ‘use it or lose it’, or sell it back to to the grid so someone else can use it.
However, all this is about to change as lithium-ion batteries — the kind widely used in mobile phones, laptops, and electric cars – are becoming cheaper than ever before. Electric car company Tesla have been lowering costs of their lithium-ion batteries significantly, and experts predict that they will be lowering the cost by another third when a huge lithium-ion Tesla ‘super-factory’ soon opens.