Batteries used in home energy storage typically are made with one of three chemical compositions: lead-acid, lithium-ion, and saltwater. In most cases, lithium-ion batteries are the best option for a solar panel system, though other battery types can be more affordable.
Lead-acid batteries are a tested technology that has been used in off-grid energy systems for decades. While they have a relatively short life and lower Depth of Discharge than other battery types, they are also one of the least expensive options currently on the market in the home energy storage sector. For homeowners who want to go off the grid and need to install lots of energy storage, lead-acid can be a good option.
The majority of new home energy storage technologies use some form of lithium-ion chemical composition. Lithium-ion batteries are lighter and more compact than lead-acid batteries. They also have a higher DoD and longer lifespan when compared to lead-acid batteries. However, lithium-ion batteries are more expensive than their lead-acid counterparts.
A newcomer in the home energy storage industry is the saltwater battery. Unlike other home energy storage options, saltwater batteries don’t contain heavy metals, relying instead on saltwater electrolytes. While batteries that use heavy metals, including lead-acid and lithium-ion batteries, need to be disposed of with special processes, a saltwater battery can be easily recycled. However, as a new technology, saltwater batteries are relatively untested, and the one company that makes solar batteries for home use (Aquion) filed for bankruptcy in 2017.
How much is the global battery market worth?
According to the Freedonia Group, a Cleveland based industry research firm, the world demand for primary and secondary batteries is forecasted to grow by 7.7 percent annually amounting to $120 billion US dollars in 2019 with secondary (rechargeable) batteries accounting for up to 80 percent of that figure. With the world shifting towards renewable energy, the secondary battery market is set to continue rising as most renewable energy sources are irregular in energy production and require batteries for storage.
What does it take for Nigeria to key into this fast-growing market?
Nigeria which has long depended on crude oil for revenue can widen her economy base by keying into the battery market. This can as well help bolster the renewable energy sector in the country, offset energy deficit and reduce air pollution. Nigeria is blessed with solid minerals which are largely untapped. Nigeria’s lead reserve stands at 10 million tons and valued at over 5 trillion Naira.
Some states with Lead and lithium deposits in Nigeria are shown below
|Lead (Pb)||Lithium (Li)|