What our battery pilot in Coventry says about investing in Britain’s green future
As evidence grows that the energy transition is a sound economic investment, our pilot in Coventry makes the case for backing batteries.
The Institute for Public Policy Research thinktank made headlines in March when it suggested that GB Energy – the Government’s publicly owned energy company – will need to be fully funded with the £8.3 billion promised to the project if it is going to have a systemic impact on the UK energy sector and successfully help bring down customer’s bills in future.
At the same time, with the cost of adopting green technologies continuing to fall worldwide, and the UK’s renewable energy industry growing three times faster than the overall economy according to the Confederation of British Industry, it’s encouraging to see growing evidence that the energy transition can be an investment that will yield strong long-term dividends. To illustrate why this is, we need only look to a project we’re currently piloting in Coventry.
The long-term benefits of investing in batteries
We never know exactly what the future holds, and so investing in it always takes a certain amount of courage. However, with the right knowledge and enough planning we can direct resources to places they’re very likely to make a positive difference and yield benefits in the long run. As part of our ongoing partnership with the city of Coventry, for example, we’ve been running a pilot to put batteries in people’s homes at no upfront cost and prove the viability of this kind of real investment.
For the average UK household, installing a domestic battery costs roughly £3,000, and is likely to save between £250 and £300 a month by giving customers the ability to buy and store their electricity when it’s cheapest, and even sell some back to the grid.
Over an average battery’s 20-year lifespan this means overall savings of up to £6,000, which not only covers the initial installation but could also have a bigger positive impact for financially vulnerable families over the same period than the annual £150 Warm Home Discount. Not only that, but by increasing the amount of storage capacity in the UK, we’re helping to balance the grid and pave the way for more renewable power generation in future.
Delivering net zero and keeping customers’ bills as low as possible are two of our biggest priorities as a leading energy supplier, and by investing in battery installations at no upfront cost to households that’s exactly what we’re doing. We may be spending now, but by taking a long view the potential rewards are clear: money saved on helping customers in need, an efficient way of helping consumers participate in the energy market, and a greener, more sustainable energy system all around.
We know that the Government shares our priorities for net zero and lowering customers’ bills, which is why we will continue to work in partnership with them and GB Energy over the coming years to invest in the energy transition and make new energy work for everyone in the UK.
To learn more about our partnership with Coventry, go here.