Battery Storage – Cost Projections for Utility-Scale

NREL

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. The projections show a wide range of storage costs, both in terms of current costs as well as future costs. Although the range in projections is considerable, all projections do show a decline in capital costs, with cost reductions by 2025 of 10-52%. The cost projections developed in this work utilize the normalized cost reductions across the literature, and result in 21-67% capital cost reductions by 2030 and 31-80% cost reductions by 2050. The cost projections are also accompanied by assumed operations and maintenance costs, lifetimes, and round-trip efficiencies, and these performance metrics are benchmarked against other published values.

 

Download full report https://www.nrel.gov/docs/fy19osti/73222.pdf