The cost of battery storage could fall by up to 66 % by 2030, according to a new report published today by the International Renewable Energy Agency (IRENA).
They predict the falling price will trigger a 17-fold growth of installed battery storage, opening up a number of new commercial and economic opportunities.
The report IRENA’s Electricity Storage and Renewables: Costs and Markets to 2030 found that global storage capacity could triple if countries double the share of renewables in the energy system.
IRENA Director-General Adnan Z. Amin said: “As storage technology improves and prices decline, both utility-scale and small-scale, distributed applications could grow dramatically, accelerating renewable energy deployment”
The report, looked mainly at static storage but also explored the rise in battery tech that will accompany the increase in EVs. It predicts not only will the cost of Lithium Ion batteries drop rapidly but they will also last 50% longer by 2030.