System Cost and ROI
The cost of installing a solar plus storage system depends on the system size and the type of battery used. Based on current market prices, a 5KW/5KWh solar plus storage system typically costs between LKR 1.8 million and 2.4 million. This range varies depending on the inverter type, battery capacity and solar panel specifications.
Although the upfront cost might seem significant, it comes with several compelling benefits:
- A Hybrid system can eliminate 100% of your monthly electricity bill, while an Off-Grid Hybrid system can reduce it by 80 ~ 90%.
- Most systems recover their initial investment within 5 ~ 6 years, depending on current electricity rates.
- Solar plus storage will allow you to use electricity for cooking instead of traditional gas, which will reduce cost. Migrating to electricity for cooking will save foreign currency for the country as well as it is better for the environment.
Why should you deploy Solar plus Storage?
- Electricity prices are unlikely to decrease in the future. Solar plus storage provides a hedge against these rising costs.
- With climate-related disruptions and grid instability becoming more common, having a reliable energy source is invaluable.
- Governments worldwide, including Sri Lanka, are setting ambitious renewable energy targets. By adopting solar, you are contributing to a cleaner future.
- If enough homes adopt solar, it can reduce the overall burden on the grid, leading to fewer power shortages and a more stable energy system for everyone.
What should you look for when purchasing Solar plus Storage?
When selecting a suitable solar plus storage system for you, the following are important considerations.
- Vendor Reliability and Stability: The vendor’s reliability is crucial since solar plus storage systems are expected to last 15 to 20 years. Therefore, it is advisable to choose a company with at least over 10 years of experience and a proven track record of successful installations and customer satisfaction.
- Battery Warranty and Local Support: The battery system is the most expensive component of the setup. As such, the seller must provide a minimum five-year (05) local warranty. Relying on a warranty from the battery manufacturer, often an overseas entity, is impractical due to the challenges of shipping lithium-ion batteries, classified as hazardous cargo. A local warranty ensures prompt and reliable service if issues arise.
- Expertise in Installation: Installing solar plus storage systems requires specialized skills and training. It is essential to verify the seller’s capabilities before making a purchase. Ideally, the seller should have an in-house team of trained professionals who can seamlessly integrate solar plus storage systems into your electrical setup, ensuring long-term stability and performance.
- Advanced Software and Hardware Requirements: Solar plus storage systems need sophisticated software and hardware to manage daily battery charge and discharge cycles. Proper management optimizes battery performance, extends its lifespan, and ensures cost recovery through daily energy savings. Ensure the seller provides systems with the necessary technology to maintain peak battery efficiency.
Conclusion
A residential solar plus storage system is not just an investment in your home but an investment in the planet and your peace of mind. While the upfront costs may seem daunting, the long-term benefits far outweigh them, making it a smart choice for forward-thinking homeowners. By choosing solar, you are taking control of your energy future, reducing your bills, and playing a vital role in the transition to a sustainable world.
With the recent developments of this technology, solar plus storage systems can be easily integrated with existing on-grid solar systems. If you select the correct vendor with sufficient experience in handling hybrid and off-grid hybrid system with LiFePO4 battery systems, you will be able to deploy your solar plus storage system with minimum cost, maximum energy saving and other benefits.
