Energy storage project feasibility assessments measure electricity use patterns, battery operation, utility rates, and long-term system performance to help see if installing a battery system at a site will provide operational and financial benefits.

Why Feasibility Assessments Are Conducted

For commercial developers and investors, the world is filled with ideas that sound good on paper. There’s no end to the number of people and products promising to save them money or make their systems run smoother or last longer. Before a client spends money on equipment, installation, training, and system integration, they want to be sure they’re going to get their money’s worth.

When it comes to energy storage projects, feasibility assessments provide the data to back up the dream. Renewable energy storage software can help conduct these assessments and prove the benefits of such projects to developers and investors alike.

What Feasibility Assessments Measure

Will This System Create Measurable Financial Value?

To answer this question, an assessment needs to gather a range of information:

  • Patterns of electricity use over time (and a long enough window of time to provide an accurate view of usage history)
  • Utility costs, including demand charges
  • Battery charge and discharge simulations

 

If the system is solar, the assessment should also include solar production modeling and integrate that data into predictions. Modeling the economic impact of solar projects on specific factories is an important tool in the toolbox of convincing potential clients of their upsides.

Energy storage can provide marked savings to facilities of all kinds. By storing electricity when prices are low and discharging it when they’re higher, it can bring down costs. Batteries can also store power and release it when energy use is about to spike, reducing the demand charges a company might otherwise be hit with.

To determine the viability of these kinds of savings, a powerful software is necessary. It should be able to collect a massive amount of data and put it together to make accurate predictions.

Will This System Improve Operational Efficiency?

While the bottom line is of major importance to businesses, there are other considerations that are also worth assessing. Feasibility assessments come down to predicting long-term benefits of all kinds.

These include:

  • The ability to operate during grid disruptions or other power outages
  • The ability to participate in demand response programs
  • The ability to meet sustainability mandates required by federal and local law, including mandates in place and those expected to be required in the future
  • The ability to leverage green energy and electrical independence and reliability into public relations wins

 

Many of these factors can ultimately benefit companies financially, but they must be measured separately and assessed by collecting different data streams. The bigger and more accurate picture you paint, the better you can sell the energy storage system to potential clients, and the better you can see if it’s worth your investment.

Making Assessments Real

You’ve used the best tools in the field to assess the financial and operational benefits of an energy storage project, you’ve run the numbers and drafted plans, and you’ve proven that there are major gains to be had by introducing this system. Now, you need the tools to implement it.

Energy Toolbase’s software suite is perfect not only for conducting feasibility assessments, but for making them real. Our ETB Developer shows investors why energy storage can work for them, and once they’re on board, our tools can help you automate monitoring and optimization so you save every penny possible.

We can also help if you optimized battery performance in modeling but have to adjust your predictions after installation. We understand that predictions are only predictions, and that real world application needs expertise, too. 

We specialize in shepherding energy projects from conception to operation for people of all experience levels. Reach out today to schedule a call with our team of experts to find out exactly what benefits await!