Flywheel energy storage! I know there have been researchers killed by disintegrating flywheels and this has put people off of the idea, but what about having a flywheel located in a hole in the ground, spinning on a vertical axis, so that if it flies apart, the energy goes into the surrounding ground and hopefully doesn't destroy anything expensive?
Rotational inertia I=mr^2, so to maximize this you put the heaviest part towards the outside, build some sort of a doughnut shape maybe. To add a lot of mass cheaply, make the flywheel out of concrete. It won't spin as fast as a flywheel made of some exotic material, but it's a lot cheaper. Add a steel hoop around the outside for structural integrity. Unfortunately, the actual amount of energy stored is proportional to the rotational inertia, but also the square of the rotation speed, so maximizing angular velocity allows you to store more energy, but as I already said, it would be a lot more expensive to build a flywheel strong enough to go horribly fast without tearing itself apart. Maybe the cheaper option can still store enough energy to be useful? I envision this thing being maybe 4 or 5 feet in diameter, and 3 feet tall, maybe supported by permanent magnets? If I'm not mistaken, I think someone recently published a way to support things by permanent magnets in a stable configuration. Nevertheless, if necessary a control system could keep it stable, because you would need some sort of motor/generator built in anyway to get the energy in and out.
So, what do you think of this crazy idea? Enough energy storage for household use? Probably not cheap enough to build.