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In recent years, the cost of solar and wind energy has declined precipitously, which has accelerated the growth of these renewable energy technologies. Increasingly, utilities are now planning for a future grid dominated by solar and wind. That will require changes in grid management and transmission upgrades as well as the addition of storage to smooth out the supply from variable generators.
Grid storage is still pretty early days, but we’re already seeing huge cost reductions as the industry matures. The US Energy Information Administration (EIA) highlighted this recently, showing that grid-scale battery-project costs in the United States dropped 70 percent in just a few years.
Between 2015 and 2018, average project costs decreased from $2,152 per kilowatt-hour of storage to $625. Costs will need to drop much more for grid batteries to scale, but that’s a huge improvement in a short period of time.
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Source: Ars Technica – US grid-battery costs dropped 70% over 3 years