More than a quarter of U.S. businesses could lower their monthly power bills if they installed batteries to reduce peak energy demand.
Companies that have demand charges of at least $15 per kilowatt would benefit from installing battery systems, the National Renewable Energy Laboratory and Clean Energy Group found in a study of over 10,000 utility rate plans released Thursday.
While falling battery costs and rising utility fees have made it possible for savings in high-cost states such as California and New York, the study shows that storing energy can be a profitable investment for at least a million commercial consumers in Georgia, Colorado, Michigan, Texas, Florida and New England. It’s a new tool companies can use to reduce costs in addition to investments in energy efficiency, solar panels and fuel cells.
“Declining costs for energy storage products have created opportunities for commercial customers to lower their electricity bills,” said Joyce McLaren, an NREL analyst and lead author of the study.