EDF launches competitive home battery system for solar PV
EDF Energy, through a new partnership with Powervault, is offering existing solar PV owners the chance to earn more from their systems by purchasing one of the most advanced and cost effective home battery systems on the market at a heavily discounted price when they sign up to EDF Energy grid services.
Compatible with any solar PV system, Powervault 3 is a smart battery that stores energy generated by solar panels during the day to use at night; it also has the capacity to store cheap energy from the grid, helping customers to reduce their electricity bills.
Powervault say that customers who’ve installed a Powervault 3 to store solar energy can expect to save up to 50%[i] on their energy bills. This saving is even higher for customers on time of use tariffs that draw electricity from the grid when it is cheaper to store for later use.
The Powervault 3 battery will be offered as a standalone product, or can be combined with EDF Energy’s new grid services package. By adding grid services, customers will be allowing the energy stored in their Powervault 3 battery to form part of a network of small, domestic batteries across the country, which can be used to help balance the grid. The collective resources of these batteries will be pooled to support the grid at times of peak energy demand and to distribute excess energy to the batteries to store when there is more energy being generated than required.
For many homeowners who have already invested in solar PV, retrofitting a battery has been relatively costly. Prices for the smart Powervault 3 battery system, with EDF Energy’s grid services and installation included, will start from £3,299[ii] making it one of the cheapest domestic battery systems currently available on the market.
Jean-Benoit Ritz, Director of Innovation and Blue Lab, said: “As the UK transitions to a low carbon future, we are seeing fantastic opportunities for consumers to be involved in this journey. Through our grid services, householders with solar PV will be able to become part of a national network of small-scale batteries that will help balance demand for electricity on the grid, whilst enabling them to save money by making the most of the solar energy they are generating.”
Additional benefits of the Powervault 3 battery are:
- Compact design: Designed and assembled in the UK, the compact battery can be installed in most internal locations, such as a garage, utility room or under the stairs and a standard installation is included in the cost.
- The Powervault Portal: The battery comes with the Powervault Portal to help customers better manage their energy by tracking their solar generation, battery capacity and energy usage on a daily basis.
- A built in smart, hybrid solar inverter: Meaning customers can connect their existing solar PV system directly to it and save on the cost of replacing their existing one. Inverters typically have a lifespan of 10 years before they need replacing, which can cost homeowners around £1,000. EDF Energy estimates that there are approximately 380,000[iii] systems in the UK with aging solar inverters that will need replacing in the next 2-4 years.
Joe Warren, CEO of Powervault said: “We are delighted to announce this partnership with EDF Energy, following our selection as the winner of the Blue Lab Challenge earlier this year. We have worked with EDF Energy for more than six months to develop this market-leading proposition and are excited to launch it to their customers. By choosing EDF Energy’s grid services offer, customers not only benefit from a large up-front discount on our new Powervault 3 product and all the energy-saving features it provides, they’ll also be helping make the grid more resilient.”
Earlier this year, Powervault won the Blue Lab Challenge as part of EDF Energy’s Pulse Awards. Since then, the two companies have worked together to develop a competitive offer for UK consumers that will help them to run a more connected home, whilst supporting the UK’s transition to a low carbon future. Blue Lab was established to develop new products and business models to make energy easier for customers, primarily working with start-ups.
To find out more, visit: edfenergy.com/for-home/battery-storage
Or if you are interested in speaking to us about this offer, please complete this form here: https://www.edfenergy.com/for-home/battery-storage#contact-form
Notes to Editors:
[i] Powervault 3 can reduce electricity bills by up to 50% by storing solar energy during the day and discharging it in the evening. Powervault 3 can reduce energy bills by an additional 15% by storing cheap, off-peak Economy 7 electricity from the grid overnight before discharging it into the home in the morning. Powervault 3's grid charging functionality can be programmed through the Powervault Portal. Savings are based on a 4.1kWh Powervault 3 unit installed in a property with a 3.68kWp (~12 panels) solar photovoltaic system with average UK solar generation (assuming load factor of 11% used by BEIS). Assumes electricity consumption of 3,100 kWh per annum (Ofgem-average) and standard variable E7 tariff, which is subject to annual increases of 5% (representing average historic increase).
[ii] Until 31st March 2019, EDF Energy is offering a discount of up to £2,000 against the RRP, in return for signing up to EDF Energy grid services. The 4kWh battery will be available at a discounted cost of £3,299, saving customers £1,560, while the 8kWh battery will be available at a discounted cost of £4,999 saving customers £2,060. Please note this offer for Powervault 3 is exclusive to EDF Energy and discounts are only available when signing up to EDF Energy 10 year grid services contract as part of this offer. All offers are subject to stock availability and can be removed at any time. This offer is not available in conjunction with any other offer.
Customers can choose to purchase Powervault 3 from EDF Energy with or without the EDF Energy grid services.
No grid services
|With grid services|
|Retail price (inc VAT & discount)||£4,859||£7,059||£3,299||£4,999|
[iii] According to National Statistics Monthly Feed-in tariff Commissioned Installations report 383,737 solar PV systems less than 4kWh in size were installed to the end of Dec 2012.
Powervault is a British company, headquartered in London. It was founded in 2012 by Sustainable Venture Development Partners and continues to receive its support. In 2013, Powervault won grant and prize funding from, amongst others: Innovate UK, Royal Bank of Scotland, Nesta and Climate KIC – this enabled the business to develop and test prototypes, and run product trials in homes. In August 2014, Powervault raised £150,000 in 8 hours on Crowdcube – a world record – just before the business started trading the following month. In 2015, Powervault raised a further £900,000 through Crowdcube and other private investors. This enabled the business to out-source its manufacturing to a professional electronics firm in Luton, and to start to develop its sales channels. To date, Powervault has raised £5.2m from its network of angel, crowd and venture capital investors.
For more information, please visit www.powervault.co.uk