The 2022 Cost and Performance Assessment provides the levelized cost of storage (LCOS). The two metrics determine the average price that a unit of energy output would need to be sold at to cover all project costs inclusive of taxes, financing, operations and maintenance, and others.
Cost and performance metrics for individual technologies track the following to provide an overall cost of ownership for each technology: cost to procure, install, and connect an energy storage system;
The 2020 Cost and Performance Assessment provided installed costs for six energy storage technologies: lithium-ion (Li-ion) batteries, lead-acid batteries, vanadium redox flow batteries, pumped storage hydro, compressed-air energy storage, and hydrogen energy storage.
The 2024 ATB represents cost and performance for battery storage with durations of 2, 4, 6, 8, and 10 hours. It represents lithium-ion batteries (LIBs)—primarily those with nickel manganese cobalt (NMC) and lithium iron phosphate (LFP) chemistries—only at this time, with LFP becoming the primary chemistry for stationary storage starting in
DOE''s Energy Storage Grand Challenge supports detailed cost and performance analysis for a variety of energy storage technologies to accelerate their development and deployment
In support of this challenge, PNNL is applying its rich history of battery research and development to provide DOE and industry with a guide to current energy storage costs and performance metrics for various technologies. Cost and performance metrics for individual technologies track the following to provide an overall cost of ownership for each technology:
These metrics are intended to support DOE and industry stakeholders in making sound decisions about future R&D directions and priorities that move the U.S. closer to its goal of energy independence.
For more information about each, as well as the related cost estimates, please click on the individual tabs. 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 technology, year, power capacity (MW), and duration (hr). Note that for gravitational and hydrogen systems, capital costs shown represent 2021 estimates since these technologies were not updated as part of the 2024 effort.
The battery storage technologies do not calculate levelized cost of energy (LCOE) or levelized cost of storage (LCOS) and so do not use financial assumptions. Therefore, all parameters are the same for the research and development (R&D) and Markets & Policies Financials cases.
The 2024 ATB represents cost and performance for battery storage with durations of 2, 4, 6, 8, and 10 hours. It represents lithium-ion batteries (LIBs)—primarily those with nickel manganese cobalt (NMC) and lithium iron phosphate (LFP) chemistries—only at this time, with LFP becoming the primary chemistry for stationary storage starting in 2022. There are a variety of other commercial and emerging energy storage technologies; as costs are characterized to the same degree as LIBs, they will be added to future editions of the ATB.
The National Renewable Energy Laboratory''s (NREL''s) Storage Futures Study examined energy storage costs broadly and the cost and performanceof LIBs specifically(Augustine and Blair, 2021). The costs presented here (and for distributed residentialstorage and distributed commercial storage) are based on that study.This work incorporates base year battery costs and breakdowns from(Ramasamy et al., 2022)(the same as the 2023 ATB), which works from a bottom-up cost model.
Battery cost and performance projections in the 2024 ATB are based on a literature review of 16 sources published in 2022 and 2023, as described by Cole and Karmakar(Cole and Karmakar, 2023). Three projections for 2022 to 2050 are developed for scenario modeling based on this literature.
For a 60-MW 4-hour battery, the technology innovation scenarios for utility-scale BESSs described above result in capital expenditures (CAPEX) reductions of 18% (Conservative Scenario), 37% (Moderate Scenario), and 52% (Advanced Scenario) between 2022 and 2035. The average annual reduction rates are 1.4% (Conservative Scenario), 2.9% (Moderate Scenario), and 4.0% (Advanced Scenario).
Between 2035 and 2050, the CAPEX reductions are 4% (0.3% per year average) for the Conservative Scenario, 22% (1.5% per year average) for the Moderate Scenario, and 31% (2.1% per year average) for the Advanced Scenario.
Projected Utility-Scale BESS Costs: Future cost projections for utility-scale BESSs are based on a synthesis of cost projections for 4-hour-duration systems as described by(Cole and Karmakar, 2023). The share of energy and power costs for batteries is assumed to be the same as that described in the Storage Futures Study(Augustine and Blair, 2021). The power and energy costs can be used to determine the costs for any duration of utility-scale BESS.
Definition:The bottom-up cost model documented by(Ramasamy et al., 2022)contains detailed cost components for battery-only systems costs (as well as batteries combined with photovoltaics [PV]). Though the battery pack is a significant cost portion, it is a minority of the cost of the battery system. The costs for a 4-hour utility-scale stand-alone battery are detailed in Figure 1.
Within theATB Dataspreadsheet, costs are separated into energy and power cost estimates, which allows capital costs to be calculated for durations other than 4 hours according to the following equation:
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