UK Government has launched the first phase of a four-year plan in order to bring down the average cost of domestic electricity bills.
The plan, cited at £246 milllion, is part of an investment into battery technology as a long-term vision including giant battery facilities around the National Grid to store excess wind and solar energy that is produced in preparation for a rise in demand.
Costs will also be reduced for both domestic and business customers who turn off their appliances at peak times, in favour of powering their equipment at the cheaper off-peak times.
Estimations from the government and Ofgem (the energy industry regulator) currently state that consumers could save between a massive £17 billion and £40 billion by the year 2050.
The first phase is to be known as the 'Faraday Challenge', named after the Victorian English scientist who studied electromagnetism and electrochemistry.
Plans include establishing a centre for battery research in order to make the UK a world leader in design, development and the manufacturing of electric batteries. The project will be lead by the Engineering and Physical Sciences Research Council (EPSRC) in order to join the most innovative minds and best facilities with the goal of making products more accessible and affordable.
Earlier in 2017 a consultation was held with regards to the industry's strategy to increase productivity within the UK and received more than 1,900 responses from a variety of businesses and organisations.
Cleaner technologies remain the priority for the industry.
Business and energy secretay Greg Clark said: "A smarter energy system will create new businesses and high-skilled jobs, while making sure our infrastructure is able to cope with demand."
Gareth Redmond-King, head of climate and energy at WWF, said battery storage was a "game-changer" in the ability to produce clean power from renewables.
"These technologies give us flexibility to run on solar when the sun isn't shining, and be powered by wind when it is still.
"It will support the transition to electric cars and enable our homes to be more efficient - which means cheaper, as well as cleaner and greener energy."
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