In recent years, the landscape of energy storage technologies has undergone a significant transformation, diversifying beyond established solutions such as lithium-ion batteries.
However, lithium-ion batteries continue to be a crucial player in the field, especially for applications requiring high efficiency & reliability over short to moderate durations. A comparison of fully-installed energy storage system capital costs by technology, as shown in the graphic, reveals interesting trends and positions lithium-ion batteries within a broader context.
It compares the minimum, maximum, and average capital costs per kilowatt-hour for several energy storage technologies. Each technology is represented with 3 data points indicating its cost range and average in 2023, reflecting investments for project durations between 1 and 20 hours. For novel pumped hydro, the data spans projects delivered over several years, providing a broader historical perspective.
Lithium-ion batteries, as shown, exhibit a cost range from around $300 to $500 per kilowatt-hour for a 4-hour duration system. This range indicates variability based on factors like scale, location, and specific technology choices within the lithium-ion category. Despite appearing slightly high compared to some newer technologies such as compressed air and the novel pumped hydro storage, lithium-ion batteries offer unparalleled benefits in terms of energy density, discharge speed, and cycle life, which are essential for many modern applications.
Thermal energy storage displays a relatively wider cost range, suggesting variability in technology maturity & application-specific configurations. The cost variability for thermal storage can be attributed to differences in technology methods, such as molten salt versus hot rocks, and the scale of implementation. In contrast, novel pumped hydro storage shows a notably narrow cost range, indicating a higher level of standardization.
Interestingly, compressed air & gas energy storage technologies show promising lower cost thresholds but have not yet reached the average cost effectiveness of lithium-ion systems, potentially due to technological & infrastructural challenges. Flow batteries & gravity energy storage, while on the higher end of the cost spectrum, offer unique advantages in specific scenarios that may justify the higher initial investment, such as long-term storage & scalability.
This comparative analysis emphasizes the critical role of context in evaluating energy storage solutions. Despite being relatively more expensive than some newer technologies, lithium-ion batteries continue to be a versatile and reliable option for a wide range of applications, including grid storage and portable electronics, where high performance and space efficiency are crucial. As we advance, the ongoing development & scale-up of alternative technologies could further shift these dynamics.
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