The cost of battery energy storage could fall by as much as 70% by 2030 as new solar battery technology and other advances drive prices down, according to a report by the World Energy Council. The cost of storing energy in batteries could fall by as much as 70 percent over the next 15 years as new solar battery technology and other technical advances drive prices down, the World Energy Council said on Wednesday. But it is not just about price – there are also environmental concerns. Currently, power plant operators are discouraged from deploying them on a commercial scale by the high cost of battery systems. "Solar storage will become more competitive," the report states, and "wind storage more attractive." Replacing old storage systems and improving technology will also reduce the demand for oil. Pumped hydroelectric storage will have the lowest cost reduction, followed by compressed air energy storage.
The cost of battery energy storage could fall by as much as 70% by 2030 as new solar battery technology and other advances drive prices down, according to a report by the World Energy Council. But it is not just about price – there are also environmental concerns. Currently, power plant operators are discouraged from deploying them on a commercial scale by the high cost of battery systems. "Solar storage will become more competitive," the report states, and "wind storage more attractive." Replacing old storage systems and improving technology will also reduce the demand for oil. Pumped hydroelectric storage will have the lowest cost reduction, followed by compressed air energy storage.