Projected cost reductions for battery storage systems by 2050 vary depending on the scenario. According to the National Renewable Energy Laboratory (NREL), costs could decrease by 67% in the low-cost projection, 51% in the mid-cost projection, and 21% in the high-cost projection compared to 2022 levels.
Here is a more detailed breakdown:
| Scenario | 2030 Cost Reduction | 2050 Cost Reduction |
|---|---|---|
| Low | 47% | 67% |
| Mid | 32% | 51% |
| High | 16% | 21% |
By 2050, the cost of a four-hour lithium-ion battery system is projected to be as low as $159/kWh in the low-cost scenario, down from a starting point around $403/kWh for the high scenario. BloombergNEF estimates a more aggressive drop of about 68% by 2050, reaching $104/kWh. Overall, significant cost reductions are anticipated, driven by advancements in battery cell and pack costs.
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