Energy storage lease term

What is an energy storage project?

An energy storage project is a cluster of battery banks (or modules) that are connected to the electrical grid. These battery banks are roughly the same size as a shipping container. These are also called Battery Energy Storage Systems (BESS), or grid-scale/utility-scale energy storage or battery storage systems.

What is a battery energy storage system?

These are also called Battery Energy Storage Systems (BESS), or grid-scale/utility-scale energy storage or battery storage systems. Some installations use technologies other than batteries to store energy, but batteries are the most common technology. How does a BESS work?

What happens if I Sell my energy storage lease?

If you participate in the energy storage lease program and decide to sell your home, the lease can be transferred to the new homeowner, and you will need to alert GMP. If the new homeowner does not want to take over the lease, you will need to pay the early termination fee.

How much does a Green Mountain Power energy storage lease cost?

The basic premise of the energy storage lease pilot program is pretty simple - you pay Green Mountain Power to lease two batteries for 10 years, and in exchange, you have two batteries in your home to use during power outages. You can choose between two payment options: monthly installments of $65 per month, or one upfront payment of $6,500.

What is Enphase IQ energy storage lease?

Image source: Green Mountain Power Green Mountain Power (GMP), Vermont’s largest electric utility, recently announced its newest energy storage initiative, the Enphase IQ Energy Storage Lease pilot program. It operates similarly to another program GMP previously found success with, which included the leasing of Tesla Powerwalls .

What permitting regimes apply to battery energy storage projects?

There are three distinct permitting regimes that apply in developing battery energy storage projects, depending upon the owner, developer, and location of the project. The increasing mandates and incentives for the rapid deployment of energy storage are resulting in a boom in the deployment of utility-scale battery energy storage systems (BESS).