Current Energy Storage Battery Costs: Trends, Applications
Wondering how much energy storage batteries cost in 2024? Whether you''re planning a solar project, upgrading industrial infrastructure, or exploring residential energy solutions,
Battery storage costs have evolved rapidly over the past several years, necessitating an update to storage cost projections used in long-term planning models and other activities. This work documents the development of these projections, which are based on recent publications of storage costs.
These trends point toward future scenarios of cost reductions and the potential of solid-state batteries. Innovations in energy storage technologies, particularly with lithium-ion and sodium-ion batteries, have substantially reduced costs.
The suite of publications demonstrates wide variation in projected cost reductions for battery storage over time. Figure ES-1 shows the suite of projected cost reductions (on a normalized basis) collected from the literature (shown in gray) as well as the low, mid, and high cost projections developed in this work (shown in black).
A comprehensive understanding of energy storage costs is essential for effectively navigating the rapidly evolving energy landscape. This landscape is shaped by technologies such as lithium-ion batteries and large-scale energy storage solutions, along with projections for battery pricing and pack prices.
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