The cost of lithium-ion batteries is falling faster than wind power and photovoltaics

by:CTECHi     2021-07-07

Bloomberg New Energy Finance, based on data analysis of more than 7,000 projects around the world, since the first half of 2018, the benchmark average energy cost (LCOE) of lithium-ion batteries has fallen by 35% over the past year, reaching per MWh 187 dollars. In the past year, the LCOE of offshore wind power has dropped by 24% to less than US$100 per MWh (approximately US$220 per MWh five years ago); the LCOE of onshore wind power and solar photovoltaic power have fallen respectively 10% and 18%, respectively, reached US$50 and US$57 per MWh (projects started in early 2019). It can be seen that the decline in the cost of lithium-ion batteries exceeds the decline in the LCOE of solar photovoltaic and wind power.

Since 2012, based on historical data, the LCOE of lithium-ion battery energy storage systems configured to provide 4-hour grid power supply (standard requirements for grid services) has dropped by 74% . In contrast, since 2010, the LCOE per MWh of onshore wind power, solar photovoltaic and offshore wind power have fallen by 49%, 84% and 56%, respectively.

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