Comment A long list of possibilities (Score 1) 245
I've been interested in this for some time. Here are some solutions I've come across:
Something like a standard battery
Flow batteries, where you store liquid electrolytes in tanks, and energy capacity is proportional to the capacity of the tanks
Salt/Liquid metal batteries. Take the process for smelting aluminium, and make it reversible. (The metal used need not be aluminium.) There is a good TED talk on this.
Fixed volume compressed gas storage: pump gas into a pressure vessel or abandoned mine
Fixed pressure compressed gas storage: pump gas into a bladder deep under water. This works well for off shore wind farms, as they have the deep water right there. Otherwise you need a convenient lake or flooded mine.
Elevated water reservoir. Needs the right topography and hydrography, so doesn't work everywhere.
Variable output hydro power: similar to the above, but instead of pumping water uphill you just increase/decrease the downhill flow that already exists, to match you output to the production shortfall of the time variable generators. If you already have hydro power, this is very cheap, possibly free. At worst you need to increase peak capacity by adding turbines.
Heat storage: store energy as heat in a large thermal mass, extract it with some form of heat engine.
Complementary to this, we can also try to time-shift demand:
Off-peak water heating. This has been around for many decades.
Off-peak heating/cooling using thermal storage (e.g. an insulated water tank under your house from which your radiators are fed.)
Off-peak charging of plug-in electric cars. (We can even use peak-hour extraction of power from the electric cars.) This is cheap in that those batteries are already there for other purposes. It does cost if they batteries have a limited number of recharge cycles (which currently they do.)