Solar Market and Cost Analysis
Average Lithium-ion Battery
Pack Price, 2010-2019
Battery pack price (real 2022 $/kWh)
1306
1013
796
732
649
■All Sectors
■Stationary Storage
421
355
323
316
233
242
198
220
172 150
177
163
141 151 |
169
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
•
From 2010 to 2021, average battery pack prices dropped
89%, falling in price every year.
From 2016 to 2021, average battery pack prices within the
stationary storage sector decreased 54%.
However, from 2021 to 2022, average battery pack prices
increased 7% across all sectors and 4% for stationary
storage applications.
BloombergNEF cited inflation and pandemic-related
supply chain constraints (particularly lithium carbonate
used for lithium-iron phosphate cells) as the primary
drivers of increased costs.
They also stated that these impacts were somewhat muted
for stationary storage applications as Chinese companies
squeezed their margins to continue to win orders.
However, pricing dynamics continue to be a disadvantage for
stationary storage due to lower volumes relative to the
electric vehicle industry.
To reduce costs, the battery industry continues to pursue
new battery chemistries and to improve cell and pack
integration and new manufacturing processes.
-
This strategies may be adopted sooner due to the rise
in raw material costs.
NREL 42
Sources: BloombergNEF. "2022 Lithium-Ion Battery Price Survey."View entire presentation