Australia’s energy guru shares insights on solar energy and storage.

The lure of solar feed-in tariff rebates directed a lot of photovoltaic (PV) installations. However, high uptakes often cause cancellations of these schemes. One example is the generous solar energy bonus scheme in New South Wales. The scheme closes on December 31.

The goal of every solar power system is to reduce power costs as much as possible. It optimizes consumption of on-site generated energy. It also help average out peak generation times for power stations that use fossil fuel.

Simon Hackett shared his thoughts about solar energy and storage in this interesting interview. The Australian energy guru is the executive chairman of ASX-listed battery company, Redflow.

What can solar energy — especially home-based generation — do for the economy?

Simon Hackett: Australia has a wealth of renewable energy sources including wind and solar. The problem to date has been that the sun doesn’t shine all the time, and the wind doesn’t blow all the time.

Affordable energy storage solves that problem by storing surplus renewable energy. As a result, consumers and businesses can use it when they need it.

What does this mean for the conservation of resources – replace coal, etc.?

At the grid level, energy storage lets us time-shift energy. It gives renewable energy sources the ability to effectively replace the baseload electricity supplies produced by fossil fuel-powered generators.

This delivers the double benefit of helping Australia. It achieves its carbon reduction goals in addition to pulling costs out of our energy supply chain.

Once sufficient solar energy storage is in place, the 24/7 availability of renewable-generated energy will start putting downward pressure on the price of electricity. This is great for the economy.