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On a cost basis, wind and solar is the best economic choice in markets where firm generation resources exist and demand is growing." [85]: 24 They further reported "the levelized cost of energy from lithium-ion battery storage systems is competitive with many peak-demand generators."
Grid energy storage, also known as large-scale energy storage, are technologies connected to the electrical power grid that store energy for later use. These systems help balance supply and demand by storing excess electricity from variable renewables such as solar and inflexible sources like nuclear power , releasing it when needed.
A hybrid system combines solar with energy storage and/or one or more other forms of generation. Hydro, [39] [40] wind [41] [42] and batteries [43] are commonly combined with solar. The combined generation may enable the system to vary power output with demand, or at least smooth the solar power fluctuation.
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In 2021, the US National Renewable Energy Laboratory (NREL) estimated the cost of electricity from concentrated solar with 10 hours of storage at $0.076 per kWh in 2021, $0.056 per kWh in 2030, and $0.052 per kWh in 2050. [2]
In addition, chemical energy storage is another solution to solar energy storage. [105] Hydrogen production technologies have been a significant area of solar chemical research since the 1970s. Aside from electrolysis driven by photovoltaic or photochemical cells, several thermochemical processes have also been explored.
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