The future of electricity in the way it is produced, used, and stored will feature major changes as planned by the UK government. There are hopes on the creation of power in homes, storing, and selling it back to the National Grid.
Secretary of State for Business, Energy, and Industrial Strategy, Greg Clark said that this could mean billions of pounds in savings for UK households. How will all this work? And, when can residents be a part of this power revolution?
The Smart Systems and Flexibility plan is reportedly designed to effect in reduction of energy bills. This would be multifaceted by making the electricity network more efficient and allowing homes and businesses manage their electric use more effectively.
The UK government is reportedly aiming to ensure that all homes and business have a smart meter by end of 2020 in order to give consumers more control of the energy used. Energy suppliers would also be able to make smart tariffs available to consumers in future, and set standards for appliances to automatically respond to price signals and use electricity when it is at its cheapest.
Meanwhile, the Government has said that the 700,0000 houses that are set with solar panels would benefit from the new plan. As far as the rate of return, it would be dependent on factors like light levels, location, and technology used.
The batteries currently are expensive but the prices are expected to fall. This is supported by a recent Renewable Energy Association/KPMG report which stated that the expected cost reduction could be 30% over the next three years. Nissan has a partnership with Eaton Energy Storage for installation of used electric vehicle batteries in homes.
Meanwhile, the government is assessing the cyber security risks contained in the smart energy system.