Reposit Power announced a major technological breakthrough that will enable households to buy and sell electricity in the grid. If the company pushes through with this and is successful, experts say it can change the electricity market overnight.
Up to now, the buy and sell of electricity has been restricted to large power companies and retailers. However, Canberra-based Reposit Power said this is about to change with the introduction of their solar panels and battery storage system. With the aid of these production facilities, homes will be able to trade power just like any power company.
In a press statement, the company said the initial plans involve the installation of battery solar storage systems in half a dozen homes in Canberra. Known as Grid Credits, this pilot test will run for six months. The project, which costs $900,000, will receive $445,000 financial support from the Australian Renewable Energy Agency.
Reposit Power technology changes the energy industry
According to Reposit Power spokesperson Luke Osborne, the Grid Credits system is a one of a kind storage system that will “change the grid forever.” Rather than be at the mercy of the power companies, the Reposit Power system puts homeowners “in the driver’s seat” and in control.
Furthermore, Osborne says the system allows households to buy low and sell high, providing additional incentives to homes that have solar power. Under this setup, homeowners will be able recuperate expenses and stay on the grid. In addition, there is the opportunity to maximize profits in the market the way power companies do.
In an interview, Osborne said that what the company plans “will change the game”. As it is, Osborne says, retailers purchase services from power stations, but with the new technology it’s now possible for consumers to get that same service without the need for another party to get involved.
New storage technology cuts out the middle men of the energy industry
In effect, a household will be a seller and get to purchase electricity at the lowest price possible. According to Osborne, the company also wants to use the same technology for solar farms and wind farms. This in effect, is an alternative to those who want to get off the grid. Under the setup, the grid gets cleaner while homes become energy independent.
Mr. Osborne further elaborated on the Reposit Power system and said networks need to be a means for the exchange and trade of electricity. For this to happen he says, tariffs need to be set in ways that will promote this. If the changes are not implemented, it will lead to the deterioration and abandonment of the grid.
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Reposit Power solar storage pilot program already underway
The Reposit Power announcement was warmly received by industry experts and supports of renewable energy. Although the pilot program is underway, the goal is to expand as soon as possible. By the middle of 2015 Reposit Power hopes to widen the roll-out and at the conclusion of the initial program, persuade the Australian Energy Market Operator that homes can be a dependable power source.
The use of solar power has increased significantly in Australia, and with the new Reposit Power technology it’s now possible for consumers to extract maximum value from solar PVs. With the Grid Credits system, there is now a solution for both energy storage and control, analysts observe.