Energy storage system prices are predicted to decline at a rate of 8% annually through 2022, a slower pace than previous declines.
Future changes in system prices will likely be driven by innovation and improvements in the varied hardware components that make up front-of-the-meter energy storage systems.
Notably, standardization of system design and engineering, and competitive markets, will all continue to bring down storage BOS hardware costs as well as engineering, procurement and construction (EPC) expenses.
Year-Over-Year Decline in Battery Price and BOS Cost, 2013 – 2022E (%)
New system architectures and inverter selections will also impact the final cost of energy storage systems in the future.
This report touches on all these components and uses a bottom-up methodology to track, model and report on energy storage system prices.