Hello, fellow Sun Seekers! It’s always exciting to delve into new developments in the solar industry and get a glimpse of the future. In this chapter of our solar dialogue, let’s dive into an engaging future scenario where solar energy dominates energy generation, with a little help from wind energy and innovative energy storage solutions such as pumped hydro energy storage (PHES).
A solar-powered future is not far-fetched if we take a good look at the numbers. The fact is, we’ve installed double the amount of solar generation capacity in 2023 as compared to all other generation technologies combined. This strongly indicates that solar is indeed the future of energy generation, along with wind energy playing a supporting role.
A key challenge that the solar industry has faced traditionally is managing the intermittent nature of solar power – the need for viable energy storage to balance supply and demand. Solutions such as PHES, which currently provides more than 90% of the global total energy storage for the electricity industry, and rising star-like batteries are transforming this landscape. Innovative demand management solutions like electric vehicles, hot water tanks and thermal storage in factories and homes are also becoming more relevant. These can be charged when demand is low and supply is high, essentially acting as “batteries on wheels”.
As fossil fuel power stations close, it’s necessary to fill the gap with large-scale storage. And this is where our story gets really interesting. While batteries are excellent for short-term energy storage, we need large energy storage to cover prolonged cloudy weather and overnight needs. Cue the entry of PHES.
What if we could have the best of both worlds – batteries for short-term storage and PHES for large energy storage needs? One of the key developments are hybrid storage systems that combine batteries and PHES – offering low cost both for energy as well as power storage. In this scenario, a large PHES reservoir can trickle charge batteries continuously, providing sustained support during periods of low solar and wind energy generation.
Now, let’s look at the capital cost, a critical factor in determining the viability of these solutions. Pumped hydro energy storage sites vary significantly in cost. Thankfully, there are extraordinarily good PHES sites across the globe boasting extremely low capital costs. These sites significantly change the narrative around the cost-effectiveness of PHES as compared to battery storage.
Choosing the perfect site is critical for PHES. Factors like large height difference between the upper and lower reservoirs, large water-rock ratio, and short pressure tunnels are key cost determinants. While not every region of the world is blessed with an abundance of such sites, there are regions like the Balkans that have excellent PHES potential – far exceeding the storage requirements of the European Union.
It’s inspiring to see such promising solutions shaping the solar industry. As we progress, findings like these make it clear that we have the resources at hand to make solar not just a part of our energy matrix, but potentially the most significant player. With the right investments and smart use of technological advancements, a future powered by solar panels for your home or a solar array for home could be within our reach sooner than you think.
Exciting times indeed! until next time, keep basking in the sun and harnessing its potential. You are on the right path to being a part of a sustainable and solar powered future.
To all the potential solar companies and solar enthusiasts out there, remember, there has never been a better time to invest in solar power. Let’s work together to illuminate the world, one solar panel at a time.
Original Articlehttps://pv-magazine-usa.com/2024/10/08/energy-storage-is-a-solved-problem/
