Over the last two decades, Singapore has emerged as a leader in clean energy adoption. The country enjoys high average annual solar irradiation of about 1,500 kWh/m2 which makes it ideal for solar energy generation.
By 2030, the Energy Market Authority (EMA) estimates renewable energy could form up to 8 percent of the country’s peak electricity demand. Other available alternative energy sources like wind, geothermal and hydropower have little potential leaving solar power as the most viable renewable energy option.
While many consumers in residential, commercial and industrial sectors are ready to embrace clean energy, the problem of energy storage always crops up. Renewable energy sources such as solar and wind might not be available 24/7/365. This makes efficient solar energy storage a crucial factor in clean energy generation.
Energy storage has emerged as one of the biggest topics in renewable energy. Investment in energy storage systems has continued increasing. Reports estimated that by 2040, the installed capacity of the battery storage systems would rise 122x. This is good news for consumers seeking to harness the benefits of clean energy.
If you’re thinking of installing renewable energy in Singapore, here are other energy trends to continue watching in 2020.
Falling Cost of Lithium-Ion Battery Energy Storage System
Lithium-ion battery technology continues fueling alternative energy in Singapore and many other countries. The fall in prices of Li-ion batteries is one of the most significant developments in the alternative energy industry. Most utilities and consumers now rely on these batteries for energy storage.
Over the past decade, these batteries have experienced a dramatic fall in prices. A report in 2019 shows that the cost of a lithium-ion battery per kilowatt-hour (kWh) went down almost 90%. From $1,183 around 2010, the price plummeted to just $156 in 2019. By 2021, analysts predict even further fall in prices by 45%.
By 2024, an average battery pack might reach $94/kWh. The slump in price is estimated to go down further to $62/kWh by 2030. This is great news for the renewable industry across the globe. The fall in the prices of lithium-ion batteries continues transforming the economics of renewable energy.
This influential trend has also impacted the affordability of electric vehicles and other technologies relying on renewable energy. At one point, the idea of using Lithium-ion batteries to store energy for electric cars sounded commercially unviable. However, the plummeting prices have continued unlocking the potential of clean energy for such applications.
Today, using these batteries for energy storage continues driving alternative energy sources. It gives clean energy a significant boost over fossil fuels and other systems of power generation. With the expected reduction in prices of Lithium-ion batteries, their economic benefits are more apparent. More investment in this technology will continue reducing the cost of this storage system. It is one of the biggest drivers of the renewable energy industry.
Focus on Safety in Energy Storage
Safety is now a major concern as more states, utilities, and corporations continue investing in alternative energy. There’s consensus on the importance of energy storage across the industry. This has seen a push for standardized regulatory authority in energy storage.
Incidences such as the massive explosion at Arizona Public Services (APS) facility in the U.S have highlighted the need for standardized safety regulations. As more money flows into the development of efficient storage systems, there’s a conversation on how to make these storage solutions safer for consumers.
The need for a standardized approach to safety at stationary storage systems has seen governments start developing policies to monitor and regulate the industry.
Utilities Driving Clean Energy Storage
The last two decades have seen more investment in clean energy by both governments and utilities. While governments have always been the more visible face of renewable energy campaigns, utilities have now started making big moves towards clean energy.
Utility-scale battery storage systems offer an immense capacity for energy storage. Their storage capacity ranges from around a few megawatt-hours (MWh) to hundreds of MWh. In 2017, 10GW of battery storage was deployed globally. It’s possible to connect utility-scale batteries to distribution/transmission networks.
Utilities have started adopting cutting-edge energy storage and grid management technologies and this is a major trend to watch. Utility-scale solar has over the last two decades, become a major feature in clean energy across the globe.
Utility asset owners continue investing in technology that can help smooth peak demand curves and provide back-up power. Reduced prices of utility-scale energy storage, including Lithium-ion batteries has helped boost the adoption of these storage systems.
There’s an increase in utility-scale energy storage investment in Singapore and other countries. In the U.S, for instance, multiple energy storage projects have received approval. The Pacific Gas and Electric is one such example. The utility has four massive energy storage projects with a capacity of 2.27 GWh of storage.
Most clean energy policies now identify the need for energy storage for grid operators. These regulations have spurred more investment in utility-scale battery storage systems.
The Evolution of the Singapore Power Grid
Singapore is a resource-constrained country but this has not prevented it from becoming a major economic power. Through innovation, the country continues growing its economy, and this includes its energy generation.
Today, 95% of Singapore’s electricity comes from natural gas. There’s also generation from solar, coal, oil, municipal waste. Over the last two decades, investment in clean energy has grown tremendously. The idea is to reduce the Singapore power grid dependency on fossil fuels. By 2020, Singapore aims to boost solar deployment from the current 47MWp, to provide around 350MWp of electricity. Ongoing clean energy projects such installation of solar panels on high rise buildings by the Housing and Development Board’s (HDB) initiative.
The government has also identified energy storage systems as a critical component in the adoption of clean energy. Energy Storage Systems (ESS) are essential to manage solar intermittency and maintain grid stability. The country eyes 200MW of energy storage by 2025. Further efforts are to reach 2GW of solar by 2030.
Rise of Storage Service Singapore
For energy consumers in the country, these latest trends in energy storage are critical. They promise more affordable and efficient solutions for clean energy storage. Working with a storage service Singapore helps you leverage the latest technology in energy storage.
Leading clean energy solutions providers now provide reliable energy storage batteries for residential, commercial and industrial consumers. Battery energy storage systems have multiple advantages including enhanced reliability, reduced costs of energy, energy efficiency and reducing carbon print.
With the best battery storage for your solar system in Singapore, you can now reduce reliance on the electricity grid. You have a more dependable source of power even during outages. The biggest advantage is the reduced cost of your power bill. The most efficient battery storage system helps you harness all the benefits of solar power.
Even with limited natural resources, Singapore aims to become a leader in clean, renewable energy. To realize this ambition, the government and solar solutions providers have identified energy storage as a critical component. As a consumer, the latest trends in energy storage offer you an opportunity to enjoy the benefits of alternative energy. The falling cost of Li-ion batteries, innovation in battery storage and enhanced safety in energy storage are positive trends that will revolutionize renewable energy in the country.