One of the major talking points in the UK energy sector in the recent past has been the high costs that people are being forced to pay for both domestic and business electricity.
Energy rates are simply a bit too high to the liking of the most and some complain that the so called ‘green tax’, which is there to try and fund future renewable energy generation schemes, is simply a burden that needs to be done away with.
But considering the long-term energy scenario, it might be better advised to continue devoting greater attention and funds towards alternate energy, which will bolster the conventional fuel sources that are rapidly depleting, in a considerable fashion.
The government seems to be on the right track though (at least in case of this news bit) as they have launched a £20m innovation competition, which will ask businesses and corporate houses to design and innovative storage system that will help in development of intermittent renewable energy and the building of a future smart grid.
Large scale energy storage demonstration schemes will be tested and the best ones will be approved and put to work, while a parallel system will further research in more efficient storage options and cost-effective components.
Storage systems are essential as they help balance out the fluctuations that are normally seen in generation of wind power and even solar power, to an extent. While the initial costs will be high, it is projected that energy storage could generate savings of £10bn per year and that is indeed a substantial amount, which can then go towards reduction of energy costs.
UK has been working hard in trying to push reforms in the electricity market and a more stable and reliable renewable energy system that can be seamlessly integrated into the grid will be a huge help in this regard. This though can only happen when both large wind and solar farms along with on-site energy and storage solutions for commercial buildings work in tandem.