Are lithium-ion solar batteries worth the cost?

Despite a 30% tax credit and fast-falling prices, the price of lithium-ion solar batteries still gives many homeowners sticker shock, despite the clear long-term benefits of cost savings and peace of mind. In this article, we’ll explore the ins and outs of home battery pricing and six factors that influence the cost of a battery project.

Are solar batteries worth it?

Solar batteries are expensive, but financial incentives are available to lower the cost. Prices often depend on the battery’s storage capacity, expected life span, brand and other factors. Homeowners often find that solar batteries are worth it for energy security — even if they’re not worth it financially.

Can solar batteries save you money?

Solar batteries can also save you money on utility power long-term. When utility costs are at their peak, you can pivot your home’s energy consumption to run off of battery power rather than grid power, leveraging the electricity your solar panels generated when you need it most.

Do solar batteries back up a home?

Most solar batteries have enough power to back up circuits up to 30amps. Therefore, the majority of battery systems do not back up the entire home, but rather just the circuits that are most important to the homeowner.

Why are solar batteries so expensive?

There are a handful of factors that influence the price of solar batteries, but perhaps the greatest reason they are expensive is simply because residential-scale batteries are a new technology, and new technologies tend to be expensive at first before rapidly falling in price as the market matures.

Are batteries a good investment?

This can result in significant cost savings, especially in regions with high differential in peak and off-peak electricity prices. Additionally, batteries can provide value in ancillary services like frequency regulation and demand response, offering further financial incentives.