The cost of pumped hydro storage compares favorably to other energy storage technologies, especially when looking at cost per installed kilowatt-hour of capacity.
- Cost per kWh: Pumped storage hydropower (PSH) projects typically range between about $106 and $200 per kilowatt-hour (kWh) of installed capacity. This is significantly lower than lithium-ion battery storage costs, which have been reported to range between roughly $393 and $581 per kWh.
- Other technologies comparison: For context, compressed air energy storage is another competing long-duration technology and has been cited at approximately $105 per kWh whereas PSH was around $165 per kWh in a different report—though these values can vary depending on project specifics.
- Capital costs: Large pumped hydro facilities have capital costs influenced by site-specific factors like geography, reservoir size, and engineering complexities. For instance, the Goldendale Energy Storage Project, with an especially high head of 2,400 feet, is expected to cost about $1,800 per kW of capacity.
- Scale and duration: PSH is notable for its ability to store large quantities of energy for 8 or more hours, making it well suited for long-duration, grid-scale storage to support renewable integration and grid reliability, which contrasts with many battery technologies that typically offer shorter-duration storage.
In summary, pumped hydro storage remains the cheapest large-scale energy storage option on a per kWh installed basis compared to lithium-ion batteries and some other technologies, especially when the ability to provide long-duration storage is factored in. However, actual costs depend heavily on project-specific parameters and site conditions. This cost advantage positions PSH as a key technology for future grid reliability and resilience in clean energy systems.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/how-does-the-cost-of-pumped-hydro-storage-compare-to-other-energy-storage-technologies-2/
