The cost of iron flow batteries and lithium-ion batteries varies significantly, both in terms of the materials used and the applications each is suitable for.
Cost Comparison
- Iron Flow Batteries: The cost of iron flow batteries is often cited as being lower than that of lithium-ion batteries. ESS, a prominent manufacturer, estimates its iron flow batteries cost around $20/kWh. However, other estimates suggest it could be as high as $200/kWh or even slightly less, with projections to decrease further. These batteries are particularly suited for long-duration energy storage and grid scale applications.
- Lithium-Ion Batteries: The cost of lithium-ion batteries for energy storage can range up to $350/kWh, although they have become significantly cheaper over the years. Lithium-ion batteries are highly versatile and are used in a wide range of applications from consumer electronics to electric vehicles.
Key Differences and Advantages
- Scalability and Materials: Iron flow batteries use abundant materials like iron, salt, and water, making them potentially more cost-effective for large-scale energy storage. In contrast, lithium-ion batteries rely on materials like lithium, nickel, and cobalt, which can be expensive and have limited supply.
- Cycling Life: Iron flow batteries can cycle indefinitely without significant degradation, providing a longer operational life compared to lithium-ion batteries, which typically last between 7 to 10 years depending on usage.
- Applications: Lithium-ion batteries are well-suited for applications requiring high energy density and mobility, such as electric vehicles and portable electronics. Iron flow batteries are better suited for stationary long-duration energy storage, such as grid-scale applications.
In summary, while lithium-ion batteries are highly flexible and efficient for a variety of applications, iron flow batteries offer a promising alternative for large-scale energy storage with potentially lower costs and longer operational life.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/how-does-the-cost-of-iron-flow-batteries-compare-to-lithium-ion-batteries/
