Do projected cost reductions for battery storage vary over time?

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).

How much does a 100 kWh battery cost?

A standard 100 kWh system can cost between $25,000 and $50,000, depending on the components and complexity. What are the costs of commercial battery storage? Battery pack - typically LFP (Lithium Uranium Phosphate), GSL Energy utilizes new A-grade cells.

When are battery cost projections updated?

In 2019, battery cost projections were updated based on publications that focused on utility-scale battery systems (Cole and Frazier 2019), with updates published in 2020 (Cole and Frazier 2020), 2021 (Cole, Frazier, and Augustine 2021), and 2023 (Cole and Karmakar 2023).

What are battery cost projections for 4-hour lithium-ion systems?

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.

What are NREL battery cost projections?

NREL utilizes the Regional Energy Deployment System (ReEDS) (Ho et al. 2021) for capacity expansion modeling, and the battery cost projections developed here are designed to be used in those models. Additionally, the projections are intended to inform the cost projections published in the Annual Technology Baseline (NREL 2024).

How much does a 4 hour battery system cost?

Figure ES-2 shows the overall capital cost for a 4-hour battery system based on those projections, with storage costs of $147/kWh, $243/kWh, and $339/kWh in 2035 and $108/kWh, $178/kWh, and $307/kWh in 2050 (values in 2024$).