Projected cost reductions for battery storage systems by 2030 vary across different projections and organizations:
- NREL Projections: According to the National Renewable Energy Laboratory (NREL), by 2030, costs for lithium-ion battery energy storage systems (BESS) are expected to decrease by 47% in the low-cost scenario, 32% in the mid-cost scenario, and 16% in the high-cost scenario compared to 2022 levels.
- IRENA Projections: The International Renewable Energy Agency (IRENA) suggests that total installed costs for energy storage could fall between 50% and 60% by 2030, driven by improvements in manufacturing efficiency and material usage.
- IEA Projections: The International Energy Agency (IEA) notes that innovation could reduce total capital costs of battery storage by up to 40% in the power sector by 2030, making it more competitive with other forms of energy generation.
These projections highlight the potential for significant cost reductions as the technology continues to evolve and economies of scale are achieved through increased production and deployment.
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