As already mentioned, lithium batteries are finding increasing application in emerging technologies. Solar is already cheaper than coal and this trend is only going to accelerate. However, the biggest problem with solar systems is that they have to depend on the electricity grid for storing excess power generated during the day and drawing power from the grid at night. This is done because the electricity grid acts as a free source of energy storage for the solar panel systems. However, industry soon realized that this is not a feasible option in the long run as utilities are the biggest competitors for solar. Hence, they began to use a self-reliant storage option to support the flawless working of solar system.
Solar energy plus storage is already gained traction since economics is driving the faster adoption of solar systems paired with lithium batteries. These batteries are very versatile and besides storing energy for the house, they can also be used in wholesale energy markets for providing capacity and frequency regulation. Solar plus storage option with lithium batteries are also being considered as a serious option for islands as they find it cheaper to use solar plus storage instead of shipping expensive and dirty oil/ diesel to provide power to its residents. Remote area where electricity is not available, such as rural areas, hill stations, small shops, etc. will greatly benefit from these lithium batteries to be used as a storage option with the environment friendly solar systems.