What you're suggesting is essentially what's done commercially in "pumped hydro storage" using conventionally-generated electricity. During those times that the demand for electricity is less than conventional powerplants can provide, the unneeded generating capacity is used to generate electricity to power turbine pumps that raise water from a low-altitude source to a high-altitude reservoir. Then, when electrical demand is greater than the conventional generating capacity, the high-altitude water is released, through the same pipes, to run the same turbine pumps as turbine generators.
The power generated by pumped hydro storage is necessarily less than that used to raise the water, but buffers the peaks and valleys of electrical demand.
I suspect that any home-scale electrical generation capacity / demand buffering system other than battery storage would be both safer and more efficient if it raised and released water rather than mechanical weights.
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