Managing the supply and demand of power is a huge challenge for utility companies. SolarEdge explains Time of Use Electricity Rate Plans.
. For a typical household with at least two electric vehicles, charging could account for 60-70% of the home’s annual consumption. Depending on the commute, a single EV can double a household’s monthly electricity bill, while two EVs can triple it.With abundant renewable energy in the grid, balancing extreme variances in electricity supply and demand throughout the day has become a major challenge for electricity retailers and grid operators.
Moving forward, to power everything with solar, consumers need the ability to store energy during the day and use it later at night, avoiding high peak evening rates.With these market dynamics, California and other successful solar markets are encouraging consumers to change their habits. They are now offering new variable-rate billing contracts to reflect changing feed-in policies and to address energy needs and usage patterns.
In Arizona, some utilities are offering demand-charge based plans to incentivize consumers to change their consumption habits. These plans set higher rates for weekdays between 4-7pm , to get people to use less energy and manage their consumption during these hours. For the average household generating its own electricity, fully maximizing savings in TOU and NBT markets can be quite complex. It requires tracking vast energy-related data and making daily decisions. Naturally, it’s best to use stored solar in the evening when rates are higher. But when and how much energy should be stored? When is it profitable to buy grid power? A wrong decision or no decision at all could be costly.
But with NEM 3.0’s export rates differing from hour to hour it can be difficult to calculate potential revenues from selling solar to the grid. Here’s where product selection is key. To maximize profitability for homeowners, the best systems useautomatically charged before peak times and fully discharged during the peakLoad shifting is another way to increase solar energy self-consumption.
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