A new deal has been announced that will see Tesla’s new battery technology used to help power 24 office buildings in California. Real estate firm the Irvine Company are investing in large battery systems (as large as five parking spaces). They expect to reduce peak grid energy consumption across their portfolio of properties by 25%.
The announcement is significant for the development of energy storage systems with the Irvine Company estimating that significant cost and energy savings can be achieved by charging the battery packs during off-peak periods and using when needed.
Energy systems are changing and storage solutions increasingly look like a part of the future, reducing pressure on the grid and created a more resilient structure.
Energy storage is also likely to play a critical role in an effective transition from fossil fuel sources of power to renewables. The Australian Renewable Energy Agency (ARENA) recently released research that predicted the cost of Li-ion batteries to fall 60% within the next five years. If the predicted drop in cost does come to fruition, then an “installation boom” can be expected.
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