Applications: Battery Energy Storage Systems (BESS)
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Storage Costs Fell Significantly In 2024
One of the biggest drivers in today’s storage market are the rapidly falling costs of batteries
Costs have fallen dramatically - according to BNEF cost per kWh fell on average to $165/kWh in 2024, down 40% YoY from 2023, and less than half of the 2019 value
In China, costs are falling even farther - a December 2024 bid for 16 GWh of battery enclosures + PCS in China had an average price of $66/kWh
An uptick in prices in 2022 was driven by constrained supply, high Lithium prices and lingering pandemic supply chain issues
COST OF BATTERY ENCLOSURE + PCS1 $/kWh in 2024 Real Dollars
Source: Includes content from BloombergNEF (Distinguished Partner). [1] This pricing is based on unit of usable energy capacity, including DC-block battery enclosures and power conversion system (PCS), but exclusive of EPC and grid connection costs.
Extracted from the PDF; charts and images may read imperfectly.
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