The energy world is on the verge of a storage revolution, but there is a risk that this transition will be hindered by a variety of obstacles. Perhaps the main challenges to overcome are common misconceptions about the costs, safety and commercial availability of storage technologies.
Energy storage has been identified as a key to climate change mitigation. Globally, only 3% of power capacity is being stored. To limit global warming to below 2°C, energy storage capacity needs to triple by 2050. To do this we need to look at innovative ways of speeding up the process. Could energy-storage-as-a-service be one of the solutions? The report “Beyond the Tipping Point: Future Energy Storage” explores the opportunities associated with energy storage, as well as the obstacles standing in the way of its implementation.
Through energy storage we can use energy more effectively, minimizing carbon emissions. To limit global warming to below 2°C energy storage capacity would need to increase from 140 GW in 2014 to 450 GW in 2050. Today, only 3–4 percent of electricity generated by utilities globally is stored.
The future of electricity storage is here, and it’s a battery.
HomeGrid is a new type of battery that uses a new technology called vanadium redox flow (VRF).
The future of electricity storage is going to be in the home.
We have already seen an increase in battery manufacturing for home use, which has been driven by the desire for consumers to have more control over their energy consumption. This is especially true as more and more people are looking for ways to reduce their monthly bills.
The advent of homegrid batteries will allow homeowners to become part of a community that shares its energy resources, but also gives them the ability to use their own stored power when it is most needed—giving them control over their energy costs while also reducing the amount of pollution created by using traditional power plants.
This new technology will change how we think about electricity and how we use it at home.