Thermal Energy Storage
- Cost Per kWh: Thermal energy storage generally has a lower capital expenditure (capex) cost, with a global average of $232/kWh. For specific applications like particle thermal energy storage, costs can be as low as $2‒$4 per kWh.
- Advantages: It is particularly advantageous for long-duration energy storage because it can offer economies of scale and reliability. The use of materials like silica sand makes it environmentally friendly and cost-effective.
- Disadvantages: It typically involves a lower energy density compared to battery technologies, which might limit its application in portable or high-power density scenarios.
Compressed Air Energy Storage (CAES)
- Cost Per kWh: The global average capex cost for CAES is $293/kWh, making it more expensive than TES but still competitive with lithium-ion batteries for long-duration storage.
- Advantages: CAES is well-suited for large-scale applications and offers good efficiency when used with natural gas to generate electricity. However, it requires specific geological formations, limiting its widespread adoption.
- Disadvantages: It can involve significant infrastructure costs and requires specific geological conditions to be feasible.
Lithium-Ion Batteries
- Cost Per kWh: The cost for four-hour lithium-ion battery storage systems averages $304/kWh, positioning them as more expensive than TES for long-duration applications.
- Advantages: Lithium-ion batteries offer high energy density, making them ideal for short-duration, high-power applications such as electric vehicles and short-term grid stabilization.
- Disadvantages: They can be more expensive for long-duration energy storage compared to technologies like TES or CAES.
Gravity Energy Storage
- Cost Per kWh: This method has the highest average global capex cost at $643/kWh.
- Advantages: It offers the potential for long-duration energy storage with predictable performance and low operating costs once installed.
- Disadvantages: The high upfront cost is a significant barrier, although ongoing development may improve cost competitiveness over time.
Overall, thermal energy storage stands out for its cost-effectiveness in long-duration energy storage scenarios, while lithium-ion batteries remain the choice for high-density, short-duration applications.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/how-does-the-cost-of-thermal-energy-storage-compare-to-other-energy-storage-methods/
