Commercial solar battery cost fell significantly in 2018 and are set for further falls in 2019, according to S&P Global.
The financial analyst giant reported a drop of 40 per cent in the cost of installed battery storage between 2017 and 2018.
The world also doubled its energy storage capacity between 2017 and 2018 to 9 GWh. A further surge of close to 80 per cent is expected by the end of 2019.
Falling costs boost Australian battery storage industry
According to S&P Global, analysts are now predicting a “new era” of energy storage in 2019. This is due to the dramatic reduction in cost.
Energy prices from large-scale battery storage in southwest US are less than AUD$42 per MWh, based on Bloomberg New Energy Finance (BNEF) figures.
BNEF is predicting exponential growth in global energy storage. Current prices will subsequently be more than halved by 2030.
Solar battery cost far lower than gas backup
The cost of a solar storage power plant is up to half that a new gas peaker, according to US solar power developer 8minutenergy.
A gas peaker is a gas-fired generator that supplies power to the national grid at times of peak demand.
8minutenergy CEO Tom Buttgenbach says a solar battery plant is “a factor of two cheaper” than a gas peaker.
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