Cost Projections for Utility-Scale Battery Storage: 2023 Update
NOTICE This work was authored by the National Renewable Energy Laboratory, operated by Alliance for Sustainable Energy, LLC, for the U.S. Department of Energy (DOE) under
NOTICE This work was authored by the National Renewable Energy Laboratory, operated by Alliance for Sustainable Energy, LLC, for the U.S. Department of Energy (DOE) under
Additional storage technologies will be added as representative cost and performance metrics are verified. The interactive figure below presents results on the total installed ESS cost ranges by
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In 2023 alone, China''s large-scale storage system prices halved from ¥1.4/Wh to ¥0.6-0.7/Wh, while U.S./European markets saw a 35% dip to ¥1.15-1.3/Wh [1]. But how low
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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.
Figure ES-2 shows the overall capital cost for a 4-hour battery system based on those projections, with storage costs of $245/kWh, $326/kWh, and $403/kWh in 2030 and $159/kWh, $226/kWh, and $348/kWh in 2050.
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).
Payment of prevailing wage as a programmatic requirement for energy storage projects with a capacity of one megawatt and above, demonstrating the state's continued commitment to driving family-sustaining jobs in clean energy.