A system and method for storing energy from an electrical grid utilizes a system heat pump at a premises for transferring energy from the grid to a thermal storage reservoir and a premises heat pump that can use the stored energy to provide, for example, heat to the premises. The system heat pump and premises heat pump desirably operate independently of one another so that energy can be transferred to the thermal storage reservoir regardless of whether energy is being withdrawn by the premises heat pump. Plural energy storage systems utilizing respective system and premises heat pumps and thermal storage reservoirs can form a part of the utility customer system with the system heat pumps being operable to shape the load on the electrical grid. A system heat pump can be operated to minimize a customer's bill, or the utility's cost and alternatively to achieve other purposes, depending upon the mode of operation of the system.
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