What are the different types of energy storage costs?

The cost categories used in the report extend across all energy storage technologies to allow ease of data comparison. Direct costs correspond to equipment capital and installation, while indirect costs include EPC fee and project development, which include permitting, preliminary engineering design, and the owner’s engineer and financing costs.

How much do electric energy storage technologies cost?

Here, we construct experience curves to project future prices for 11 electrical energy storage technologies. We find that, regardless of technology, capital costs are on a trajectory towards US$340 ± 60 kWh −1 for installed stationary systems and US$175 ± 25 kWh −1 for battery packs once 1 TWh of capacity is installed for each technology.

Which energy storage technologies are included in the 2020 cost and performance assessment?

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.

Are energy storage systems cost estimates accurate?

The cost estimates provided in the report are not intended to be exact numbers but reflect a representative cost based on ranges provided by various sources for the examined technologies. The analysis was done for energy storage systems (ESSs) across various power levels and energy-to-power ratios.

What are energy storage cost metrics?

Cost metrics are approached from the viewpoint of the final downstream entity in the energy storage project, ultimately representing the final project cost. This framework helps eliminate current inconsistencies associated with specific cost categories (e.g., energy storage racks vs. energy storage modules).

What are energy storage technologies?

Energy storage technologies, store energy either as electricity or heat/cold, so it can be used at a later time. With the growth in electric vehicle sales, battery storage costs have fallen rapidly due to economies of scale and technology improvements.