Around the beginning of this year, BloombergNEF (BNEF) released its annual Battery Storage System Cost Survey, which found that global average turnkey energy storage system prices had fallen 40% from 2023 numbers to US$165/kWh in 2024.
The projections are developed from an analysis of recent publications that include utility-scale storage costs. The suite of publications demonstrates wide variation in projected cost reductions for battery storage over time.
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.
Battery cost projections for 4-hour lithium-ion systems, with values relative to 2024. The high, mid, and low cost projections developed in this work are shown as bold lines. Published projections are shown as gray lines. Figure values are included in the Appendix.
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Lithium-ion battery cell price Average price of battery cells per kilowatt-hour in US dollars, not adjusted for inflation. The data includes an annual average and quarterly average …
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Executive Summary In this work we describe the development of cost and performance projections for utility-scale lithium-ion battery systems, with a focus on 4-hour …
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