What is an Energy Storage System?
Energy storage is the capture of energy produced at a peak for later use. Energy storage can be done in many ways, most commonly by using Battery Backup systems. Lithium-ion battery Backup energy storage is the technology of choice today. As it stands, li-ion batteries comprise 98.8% of the battery/energy storage market share.
According to “Technavio” Li-ion Battery Market for Energy Storage Systems in the US 2018-2022 to Post a CAGR of Over 34% | However innovative technologies are being aggressively investigated to offer energy storage systems alternative to Battery Backup systems.
Why do we need Energy Storage Systems?
Renewable energy sources are, naturally, intermittent producing energy only when the sun is shining, or the wind is blowing. By storing the energy produced and delivering it on demand, these clean technologies can continue to power our grid and supply our energy needs in a reliable stream of power throughout the day
Who benefits from Energy Storage Systems?
According to The Institute for Local SelfReliance. Energy Storage Technologies can benefit each segment of the power system, including Utility Providers, Commercial Facilities, Industrial Complexes, and even residential homes
What are the benefits of Energy Storage Systems?
For Commercial & Industrial customers, Energy Storage Systems can reduce the overall energy bills by effectively responding to the following needs:
Energy Storage Systems Best Design
Installing an Energy Storage System to be completely Grid-Independent is relatively costly; therefore, it is only done by Utility companies or at locations where utility services are not available. Almost all on-grid commercial and industrial facilities use Energy Storage Systems to mitigate one or more of the above-mentioned needs.
Best Energy Storage System design should carefully consider the client’s need when calculating the size of the system and not the total amount of energy that has been used by the client. Offering the ability to be upgraded or expanded with more efficient products will extend the life of the system, and “future-proofs” the investment, as researchers continue to reach new efficiencies in Battery Backup and Energy Storage Systems.
Energy Storage Systems incentives
Federal and many state governments adopted friendly policies and set mandates, enhanced with incentives, to ensure Energy Storage is a corner stone in a national Energy Plan
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A generous Dollar-for- Dollar 26% Federal Tax Credit through Investment Tax Credit Act (ITC), of the TOTAL cost of the Solar System Installation
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A 21% Tax benefits resulting from Article 73 of Tax Code allowing 100% depreciation of the TOTAL cost of the System Installation in ONE fiscal year.
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An 8% California MARCS tax benefit of the TOTAL cost of the Solar System installation.
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An 8% California MARCS tax benefit of the TOTAL cost of the Battery Backup System installation.
First Energy Systems can help Commercial & Industrial customers harness the benefits of Energy Storage Systems by installing reliable and field-tested solutions to ensure their success and maximize their year-round savings.