Abstract
The energy storage industry has expanded globally as costs continue to fall and opportunities in consumer, transportation, and grid applications are defined. As the rapid evolution of the industry continues, it has become increasingly important to understand how varying technologies compare in terms of cost and performance. This paper defines and evaluates cost and performance parameters of six battery energy storage technologies (BESS)—lithium-ion batteries, lead-acid batteries, redox flow batteries, sodium-sulfur batteries, sodium-metal halide batteries, and zinc-hybrid cathode batteries—four non-BESS storage systems—pumped storage hydropower, flywheels, compressed air energy storage, and ultracapacitors—and combustion turbines. Cost and performance information was compiled based on an extensive literature review, conversations with vendors and stakeholders, and costs of systems procured at sites across the United States. Detailed cost and performance estimates are presented for 2018 and projected out to 2025. Annualized costs were also calculated for each technology.
Highlights
The energy storage industry has expanded globally as costs continue to fall and opportunities in consumer, transportation, and grid applications are defined
Capital costs for electrochemical storage devices are typically expressed in dollars per kilowatt hour ($/kWh), while those for flywheels, Pumped storage hydropower (PSH), Compressed air energy storage (CAES), and combustion turbines (CTs) are expressed in dollars per kilowatt ($/kW)
A 5 percent drop was assumed for year 2025 because while gains have been made in recent years, the estimated construction and commissioning (C&C) cost at $100/kWh is on the low end of current estimates with little scope for further cost decrease due to “learning.” any benefits going further along the learning curve are expected to be partially balanced by higher material and labor costs with increased penetration of storage
Summary
The energy storage industry has expanded globally as costs continue to fall and opportunities in consumer, transportation, and grid applications are defined. To define and compare cost and performance parameters of six battery energy storage systems (BESS), four non-BESS storage technologies, and combustion turbines (CTs) from sources including current literature, vendor and stakeholder information, and installed project costs. Performance metrics evaluated for each storage technology in this paper include: (1) round-trip efficiency (RTE), (2) annual RTE degradation factor, (3) response time, (4) cycle life, (5) calendar life, (6) manufacturing readiness level (MRL), and (7) technology readiness level (TRL). Each of these parameters is described in greater detail later in this paper.
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