Why should your business become a prosumer – and harness the power of Demand Side Response?
Prosumers already reap the benefits of self-generation. Adding demand side response is only helping to increase those rewards.
The UK energy landscape is changing. Amid political instability around the world, wholesale energy prices are set to rise. Feed-in Tariffs (FiTs) are unlikely to increase again, while the cost of battery storage is falling all the time and likely to keep on doing so.
According to experts from Durham University, factors like these are creating an ideal climate for businesses to produce, store, and consume their own power.
Research suggests that by 2030, the UK will boast 13GW of solar power generation. The majority of which will be embedded rather than generated at remote power stations. This is as well as 4GW of battery storage, and a fleet of between 1.2-2 million Electric Vehicles.
These changes are part of the reason companies in the UK are turning on to the benefits of becoming prosumers. Generating energy for their own use, and selling it back to the Grid boosts resilience against power outages as well as reducing their carbon footprint. So prosumer businesses can meet their environmental targets and improve their bottom line.
And there’s a way to make being a prosumer work even harder for your business. By storing electricity you generate in batteries and using it to power your facilities at times of peak demand, you could also benefit from Demand Side Response. What’s more, battery prices are predicted to fall by more than 50% by 2025.
Balancing the flow of power through the Grid is enormously challenging. So, through DSR the Government rewards businesses financially for contracting to change the way they use power at certain times. This is often to balance peak demand for electricity or when the wind isn’t blowing or the sun isn’t shining, and intermittent renewables can’t make their usual contributions.
DSR can work on a variety of levels, with the rewards tending to increase according to how rapidly a business can switch its electricity use. Some use automated systems to switch at a second’s notice. Others adopt a simpler approach, but all benefit financially. And the rewards increase accordingly for businesses who also sell some electricity back to the Grid.
It truly is a win/win situation, and as the energy landscape continues to change, businesses that respond quickly will have the advantage.
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