Welcome to another blog post on one of my favorite topics – solar energy, more specifically, solar-plus-storage! I constantly find myself fascinated by this rapidly evolving field, and the potential it holds for our homes and economy cannot be understated. In this post, we’ll delve into a new financial package being introduced for residential solar-plus-storage, and how it ties into the concept of virtual power plants (VPPs).
A VPP, for those unfamiliar, is essentially a network of individual solar arrays for homes, combined with battery storage systems. These virtual “plants” supply power to the grid during times of high demand – like during heatwaves when everyone’s using their air conditioning. The cool thing about this is that homeowners who are part of a VPP can actually make money by providing these grid services!
Speaking of which, solar companies are starting to notice this potential and have started coming up with strategies to tap into this lucrative opportunity. An innovative finance package has recently been rolled out for homeowners in select regions, with plans to expand into additional areas in the near future. This new finance package promises to offer more beneficial terms to solar company customers – thanks to the revenue they can generate as part of a VPP.
Homeowners who opt for this program will be able to equip their homes with solar panels, integrating their personal solar array for home use into the larger regional power grid. An example of how this works in practice is the ConnectedSolutions program run by National Grid in Massachusetts and Rhode Island. Energy storage owners are paid for providing power during peak demand periods – with payments going up to $400/kW in Rhode Island and $225 in Massachusetts!
One of the exciting features of this finance package is that even while contributing to the broader grid, homeowners will also have access to a backup from their home solar battery. The program makes use of an advanced energy storage system with an optimized time-of-use solution, designed to strategically manage your home’s energy consumption and storage, in order to maximize value.
So, for anyone pondering on installing solar panels for your home, this could potentially be a win-win scenario. You not only get to save on electricity bills but you can also make money by providing energy to the grid. Sounds like a great reason to contact your preferred solar companies, doesn’t it?
The solar industry, and in particular, residential solar companies are continually striving to bring more value into the lives of homeowners. As we move forward, we can only expect more innovative solutions like these to emerge. Stay tuned to this blog for more updates and insights into the exciting world of solar energy!
Original Articlehttps://pv-magazine-usa.com/2024/02/15/reducing-cost-of-residential-solar-financing-with-virtual-power-plants/
