2022 Grid Energy Storage Technology Cost and Performance
In September 2021, DOE launched the Long-Duration Storage Shot which aims to reduce costs by 90% in storage systems that deliver over 10 hours of duration within one decade. The
The cost categories used in the report extend across all energy storage technologies to allow ease of data comparison. Direct costs correspond to equipment capital and installation, while indirect costs include EPC fee and project development, which include permitting, preliminary engineering design, and the owner's engineer and financing costs.
Factors Influencing the Cost of Energy Storage Technologies The cost is determined by various factors including the type of technology, scale of implementation, cost of raw materials, manufacturing processes, installation, and operational and maintenance expenses.
The 2020 Cost and Performance Assessment provided installed costs for six energy storage technologies: lithium-ion (Li-ion) batteries, lead-acid batteries, vanadium redox flow batteries, pumped storage hydro, compressed-air energy storage, and hydrogen energy storage.
In understanding the full cost implications of grid energy storage technologies, the 2024 grid energy storage technology cost and performance assessment pays special attention to operational and maintenance costs. These ongoing expenses can significantly impact the long-term viability and cost-effectiveness of storage solutions.
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