Rohit, Other method of storing solar panel energy include: the Grid Inter-Tie, obtained by net-metering.With net-metering, the excess solar electricity produced, is sent to the grid and your electric meter rolls backwards. At night when the system is not generating electricity, the electricity from the grid can be pulled and your electric meter rolls forward. Principally from here the grid is used to store the generated solar electricity.
Depends on the solar system you are using. Energy can be eeasily stored using thermal oil, salts, ceramic structures etc for high temperature solar energy applications (trough, concentrated, heliostat, fresnel). For PV, batteries are so far the best solution with low life cycles, hydrogen electrolyser-fuel cell combinations are low efficient alternatives (some part of the energy should be consumed for H2 compression as an internal back work).
Electrical storage of energy is generally not subject to the same thermodynamic constraints as storage systems that involve the production of heat, so tends to be more efficient. Pumped water storage or other systems moving masses against the Earths gravitational field tend to be bulky because of the very low value of the gravitational coupling constant G. Water/hydrogen electrolysis is not very efficient because of the oxygen electrode and the high overvoltage needed to break the water molecule. The best hydrogen storage in terms of efficiency is to electrolyse something much more amenable to electrolysis than water, e.g. nickel hydroxide, which has the advantage that the result (nickel oxyhydroxide) is semiconducting. But that's just a NiMH batter again. Lithium batteries are good but have proved very hard to make reliable (a fully charged lithium battery contains more energy per unit mass than most chemical explosives). Light metal/ air batteries are still on the drawing board and I suspect will remain there for a rather long time.
Here are a ways for storing energy (electricity) from the solar panels (i.e., solar PV) other than storing it in a battery:
1) Electricity from solar PV could be directed to water electrolyzers to generate hydrogen gas. Hydrogen, a promising energy carrier, could be stored and when needed could be used as feedstock for PEM fuel cells to generate electricity.
2) Electricity for the solar PV could be stored in super capacitors. The latter could then be discharged to generate electricity when needed.
3) Store electricity from solar PV in the form of potential energy of water pumped to higher elevations. When needed, this stored potential could be converted to kinetic energy as stored water drives turbines to generate electricity (this the pumped hydropower concept).
4) Store electricity from solar PV in the form of latent heat of phase change materials (PCM). When the molten PCM is allowed to freeze, it gives its latent heat that can be used for space heating and, thus, eliminates the need for using electricity for HVAC systems.
Many of the other systems are not well suited to storing electricity from smaller PV, as their costs and scale are not as good as batteries. If you're getting 4 - 5 years before replacement of batteries - then consider another battery chemistry for the lifespan. However, this also depends on local knowledge and supply chains too.
An interesting solution, specially from an economic point of view, is to transform electricity into heat and stored it using hot water tanks for domestic hot waters. Li-ion batteries, PbA batteries and hot water tanks have been recently compared for various scenarios for a single home in the UK in the following publication:
Other solar energy storage systems that exist are thermal storage, hydro potential storage, hydrogen storage through electrolysis of water etc. Choice of storage system depends on application. Energy stored in one form for later use in another form, will lead to energy conversion loss, thus further reducing the over all efficiency of solar energy application, not to say the cost of the intermediate energy conversion equipment. Ideally one should store energy in the same form in which it is to be used later.
Rohit, Other method of storing solar panel energy include: the Grid Inter-Tie, obtained by net-metering.With net-metering, the excess solar electricity produced, is sent to the grid and your electric meter rolls backwards. At night when the system is not generating electricity, the electricity from the grid can be pulled and your electric meter rolls forward. Principally from here the grid is used to store the generated solar electricity.
Adding my contribution to the majority of the useful answers, in addition to find an alternative means of converting the PV panel generated electrical power into another form, harnessing the energy for conversion back into electrical energy is the other side of the equation.
If the electrical energy is stored as heat, there are two methods to convert it to electrical energy:
1. Using a classic heat exchange system, where water is turned to steam for driving a steam or Tesla turbine
2. Direct conversion of the heat energy using a technique used by deep space exploration probes such as Pioneer, Viking, Voyager, Galileo, Cassini or New Horizons, where they use thermocouples to generate electricity from the heat produced by the decay of a radioactive isotope; in this application we don't, of course, use the radioactive isotope. This technology is referred to as RTG (Radioisotope Thermoelectric Generation).
Server farms and Supercomputing facilities are two areas where the recovery of waste heat is used to drive the heating of water, building heating during cold months, and as a result of research by Fujitsu, a way has been found to actually convert excess heat to drive air conditioners in server farms and supercomputing center:
I wanted to append to my previous answer the following:
Another method to convert heat to electrical power, as an alternative to using thermocouples, is the Peltier Effect; although I am not sure if the Peltier Effect is more efficient at converting energy from heat to electrical power, compared with thermocouples.
One other benefit of Peltier Effect devices, is when electrical power is applied to them, they can act as heat pumps and one side can get very hot, and the other side can get very cold. Light weight car refrigerators, use Peltier Effect devices which don't require refrigerant gas compressors, to keep drinks or preserve food on long car trips. I have one and use it on long trips during Summer to keep drinks cold and foods requiring refrigeration safe to eat all day long.
The hot side of the Peltier Effect device is connected to a heat sink and fan to cool off the Peltier Effect device. I'm not sure if the hot side of a Peltier Effect device may be usable with conductive metal pipes to warm up water to store in a hot water tank.
I am not sure if this is still relevant since you asked the question a while ago, but we did a project on flywheel energy storage for solar power. I've attached the publication.
Good luck, Armin
Conference Paper Decentralized Low-Cost Flywheel Energy Storage for Photovolt...
If you want a really reliable battery you can look at Nickel-hydrogen which can last 20,000 cycles because the chemistry is so simple. It is used for spacecraft but not for ground based systems as it's bulky and not too easy to make.