By 2030, various energy storage technologies are expected to undergo significant cost reductions, driven by advancements in technology, optimization of manufacturing processes, and increased economies of scale. Here are some projected cost reductions for different technologies:
Energy Storage Technologies
- Battery Energy Storage Systems (BESS): Costs are expected to decrease by 50% to 60%, with some projections indicating that lithium-ion battery costs could fall by up to 47% by 2030.
- Long Duration Energy Storage (LDES): The U.S. Department of Energy aims for a 90% cost reduction by 2030 for technologies providing more than 10 hours of energy storage. However, achieving the target of $0.05/kWh may require further innovation.
Specific Technologies and Potential Cost Reductions
- Lithium-Ion Batteries: Baseline costs for lithium-ion are forecasted around $0.143/kWh by 2030. While significant reductions are expected, they may not reach the DOE’s target without additional innovations.
- Flow Batteries: These are expected to see significant reductions, potentially aligning with or below $0.05/kWh if cost-effective innovations are implemented.
- Pumped Hydro and Compressed Air Storage: Both are projected to benefit significantly from cost reductions, with potential for achieving the DOE’s target of $0.05/kWh.
- Lead-Acid and Sodium-Ion Batteries: Significant reductions are anticipated, with cost decreases projected up to $0.31/kWh.
- Molten Salt Thermal Storage: Potential reductions are more modest but still significant, with decreases projected around $0.027/kWh.
These projections highlight the ongoing efforts to reduce costs across various energy storage technologies, aligning with broader global ambitions to integrate more renewables into the energy mix.
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