Although battery storage and the technology is greatly improving and drastically decreasing in cost, I still believe unless you want or require back-up power it is not worth it for financial reasons.
With more generous feed-in tariffs being offered of up to 16 cents per kwh the spread between buy and sell per kwh being less than 10 cents. The value of storing power is only saving you 10c per kwh.
Even without taking into account losses made between charging and discharging lets look at some basic return on investment:
Basic Battery Storage ROI:
- Average cost of a battery to store 10 kwh and associated equipment is $10,000
- Estimated maximum savings 10 kwh / Day @ 10c = $1 a day or $365 a year
Let’s be extra generous and say there is some discharging of battery through the day and recharging for night time use. Let’s give a return of $500 a year. This would still be an ROI of 20 years.
First Choice Solar