Research and development of battery technology has been widely regarded as a solution to energy issues. Bloomberg predicts that large-scale batteries will enjoy $600 billion as investment in the next couple of decades to serve as the alternative of solar power as well as the necessary foundation for electric cars to take off. As advanced batteries hit economy of scale, its price will be halved in the next decade, following a similar trend of photovoltaics panels.
Batteries of the size of an ordinary flat are placed across the electricity network and can be controlled by digital means. They store and use surplus electricity, allowing users to save up on their electricity bill. Also, electricity companies will buy back the stored power at an attractive price.
The Emirates Stadium, the home ground of Arsenal, has deployed such technology in order to reduce electricity payment because mostly when the team plays a game in the stadium, it is the peak hour of electricity usage, meaning that the charge is higher. A hotel in Edinburgh, Scotland also uses stored electricity generated by windmills to power all 200 rooms of the establishment. Both cases prove electricity storage is financially viable.
Electricity technology is praised for its safety and stability. As opposed to nuclear energy that can cause serious consequences if an accident happens despite its commendable power generation efficiency, electricity technology is embraced by an increasing number of institutions.