Research reveals that the value of energy storage will continue rising as long as the variety of renewable energy increases the quantity of electricity they supply. The challenges surrounding the renewable energy sector’s diversification are the future accessibility and price of the technology for storing energy. This research is a product of the scientists from the Massachusetts Institute of Technology (MIT) and Andlinger Center for Energy and Environment (ACEE) with the sponsorship of General Electric (GE).
The study evaluates battery storage techniques to understand what is behind the value of the technology. It also sought to know how increasing the variety of renewable energy sources supplying electricity affects the future price of the technology. The lead author of this study and MIT Energy Initiative’s research scientist Dharik Mallapragada states that battery storage systems facilitate maximum exploration of renewable energy sources. He argues that when scientists understand they have a reliable energy storage system, they can avoid redundant investments in capital-intensive resources.
Other sources of utility for energy storage technology is that there is no petrol cost and there is no depreciation by wearing off like in gas-based systems. The capacity to act as energy reserves for electricity systems increases the worth of energy storage systems. Nonetheless, these factors are a top-up to the initially stated utility of energy storage technology. The research’s focus was on identifying a cheap way of integrating battery storage into the power system. The findings are as follows. First, as stated earlier, the worth of energy storage technology increases when there is diversity in the conversion of renewable energy to electricity. Secondly, this value plummets due to competition from other energy storage technologies for the same grid services.
Next is that the demand for this technology is dependent on its capacity to decimate the urge to put money into both renewable and gas-based energy production. Finally, the researchers concluded that the cost of energy storage systems must be low to facilitate diversification of renewable energy sources to produce electricity; otherwise, renewable investors will be scared away. The researchers recommend that it is desirable to redesign the electricity market system. This move will ensure that energy storage technicians can evaluate the cost of replacing electricity generation and storage capacity with the idea’s economic feasibility.
Finally, the research further stipulates that low costs for renewables will demand a reduction in the price of energy storage technology for the operations to remain cost-effective. Nestor Sepulveda of MIT verifies that battery storage and renewables’ electricity are interrelated in that an increase in solar and wind energy results in high value for storage systems.