![]() The most significant cost factor of a battery installation is the equipment itself: what battery are you installing, and how many do you need? What chemistry does the battery use to store energy, and does it have its own inverter? While equipment costs typically account for 50-60% of the price of an energy storage system, the installation itself plays a significant role in the overall cost of the system. If that seems like more than you had in mind, here’s what goes into those numbers, and what you can expect to pay for a selection of the most popular batteries on the market today.Ī few key factors determine how much your energy storage system will cost: the equipment you install, the electrical work required for your installation, and what installer you work with. Finding a reasonably priced installer is also a crucial part of your total battery cost.Ī typical home battery will usually cost between $8,500 to $10,000, not including installation. If you’re considering whether or not to install energy storage in the form of batteries, it's essential to understand the primary factors that influence the cost of batteries and the labor to install them. Even though it's expensive, investing in solar battery storage means you’re getting maximum value out of your solar energy system and never have to rely on the energy grid.īatteries can significantly increase the overall cost of your solar system – sometimes even doubling the price of a solar panel installation or existing solar system. If you plan to lease your solar panel system and you want to add storage, rolling the battery into your solar lease might be the best way to finance it.Solar batteries help you make the most of your solar panels because they store excess power generated by your system so you can use it later on. While much rarer than leases for solar panels, the concept works effectively the same way: pay a monthly fee for your battery, which someone else owns and maintains for you. Similar to leasing a solar panel system–or a car–some companies also offer leases for energy storage systems. Check out our loan marketplace to see some financiers in your area, or schedule a call with one of our Energy Advisors if you have a question about the differences between loans or financing options. Storage loans–or solar/solar-plus-storage loans–are available through several entities, from solar-specific lenders to home-equity loans through your bank or credit union. Storage-only loan: increasingly, solar financing companies offer storage-only loans, meaning you can take advantage of low-cost financing even for a retrofit or standalone storage system. If you’re buying a new solar-plus-storage system, adding the price of a battery to your solar loan will increase your monthly bills slightly. ![]() Solar-plus-storage loan: the most common way to finance a storage system is through a dual solar-plus-storage loan. There are two different types of storage loans: They let you pay for the system over ten years, as opposed to all at once upfront. Storage loans are another way to own your system outright. ![]() If you want to purchase your system in cash, you’ll need enough capital to pay for your battery, which can set you back $15,000 or more, depending on how much backup power you’re after. Like solar, buying your battery upfront is the best way to maximize your savings with storage.Īt the same time, the one clear drawback of a cash purchase is that storage isn’t cheap. When you purchase a battery upfront, you take full advantage of any incentives and rebates, from tax credits to cash rebates to performance-based incentives. The most common way to pay for a battery is through an upfront, or cash, purchase.
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