The Ice Bank system is a simple technology based on storing cooling capacity at night and using it the following day when the energy is needed. At night when electricity is generated at less cost, electric chillers cool fluid and store it normally as chilled water or ice.
Lower temperatures at night allow refrigeration equipment to operate more efficiently than during the day, reducing energy consumption. Less chiller capacity is required, which means lower initial capital equipment costs. Using off-peak electricity to store cooling energy reduces peak daytime power consumption, forestalling the need for additional expensive power plants.