Applications: Battery Energy Storage Systems (BESS)
Pages 137–173 (37 pages)
Text on page 143
Storage Costs Fell Significantly In 2024
One of the biggest drivers in todayʼs 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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