Low-cost energy storage investment

Why should we invest in energy storage?

By providing low-cost funding for breakthrough storage solutions, we help bring clean electricity to millions of people when they need it. The rapid expansion in intermittent sources of clean energy such as wind and solar power must be matched by investments in energy storage to ensure communities get electricity when they need it most.

Are energy storage technologies the key to reducing energy costs?

Energy storage technologies are also the key to lowering energy costs and integrating more renewable power into our grids, fast. If we can get this right, we can hold on to ever-rising quantities of renewable energy we are already harnessing – from our skies, our seas, and the earth itself. The gap to fill is very wide indeed.

Why is energy storage more expensive than alternative technologies?

High capital cost and low energy density make the unit cost of energy stored ($/kWh) more expensive than alternatives technologies. Long duration energy storage traditionally favors technologies with low self-discharge that cost less per unit of energy stored.

Is electricity storage an economic solution?

Electricity storage is currently an economic solution of-grid in solar home systems and mini-grids where it can also increase the fraction of renewable energy in the system to as high as 100% (IRENA, 2016c). The same applies in the case of islands or other isolated grids that are reliant on diesel-fired electricity (IRENA, 2016a; IRENA, 2016d).

What is the new type of energy storage?

The new type of energy storage is an Electro-thermal Energy Storage System (ETES) that uses FPSE and thermal storage materials for sensible heat storage. The proposed ETES does not use any critical materials, and it is easy to disassemble and recycle.

Is electro-thermal energy storage a viable alternative for stand-alone energy systems?

The cost is projected to be up to six times lower than that of current Lithium-ion batteries. This new electro-thermal energy storage provides a promising cost-efficient, high capacity alternative for stand-alone energy systems. 1. Introduction