The manufacturer of the best lithium-ion batteries LG is going to introduce a new residential energy storage system, Prime+. This technology will feature a flexible capacity to meet the fluctuating demands of residential energy backup solutions.
There have been changes in policies of residential energy storage systems in markets like California and North Carolina. These changes mostly relate to energy distribution sources like home storage systems and EV charging stations. Eventually, this instigates the solar market to invest in more interconnected home energy solutions.
What are the Features of New Residential Energy Storage?
Prime+ residential energy storage system connects two 10-hour batteries or 16-hour Prime battery modules in parallel which will provide homeowners with a cumulative battery capacity of about 19.2 kWh to 32kWh. Moreover, the inverter will give extra flexibility of 9.6kW to the residential energy storage system.
LG Solutions is the first company in the U.S. that includes an inverter under its own brand name. According to LG, these inverters with their plug-and-play design and storage architecture will ensure easy installation and compatibility with any solar panel system. Due to Prime+ compatibility with the existing solar modules, it will be a retrofit option for the residential energy storage system. However, California residents will get benefit from this technology more because of the state’s new net metering policy.
Prime+ offers two different design options:
1. The backup solution includes the Prime battery, the inverter, and an auto-backup device
2. The arbitrage solution includes the Prime battery, inverter, and smart meter.
Arbitrage solutions are ideal for those homeowners whose prime focus is self-consumption. Also, LG’s Prime+ offers a 10-year warranty for batteries, the inverter, and the auto-backup device.
LG Solutions is the third-largest global supplier of EV batteries this year, leaving CATL and BYD behind. LG is also planning to invest $5.5bn in two manufacturing units in Arizona. This will be the largest investment in the battery supply chain of North America. Moreover, the company is also aiming for the mass production of 2,710 cylindrical battery cells by 2025.
This mass production of battery cells will be beneficial for U.S in future. By utilizing made-in-USA products they will be able to receive extra tax credits from the Inflation Reduction Act.