The latest user-side energy storage prices

What is user-side energy storage?

1. Introduction User-side energy storage mainly refers to the application of electrochemical energy storage systems by industrial, commercial, residential, or independent powerplant customers (which in convenience we call "firms").

How much does a turnkey energy storage system cost?

According to BloombergNEF’s recently published Energy Storage System Cost Survey 2024, the prices of turnkey energy storage systems fell 40% year-on-year from 2023 to a global average of US$165/kWh. The research firm said this was the highest annual drop since its survey launched in 2017.

Are energy storage systems reducing the cost of batteries?

The scale of the reduction suggests that in addition to the falling cost of batteries—BNEF’s recent Lithium-ion Battery Price Survey found that battery pack prices fell 20% year-on-year to 2024, again the biggest drop recorded to date—energy storage system providers are working on cost reduction in other areas, Kikuma said.

What is the economics of energy storage?

The economics of energy storage represents the decision of whether or not to invest in energy storage technologies. Unlike the feed-in-tariff (FIT), which is mainly determined by the supply and demand in the electricity market, the peak-valley spread is a reflection of the time differentials of electricity as a commodity .

How much does a battery storage system cost?

Around the beginning of this year, BloombergNEF (BNEF) released its annual Battery Storage System Cost Survey, which found that global average turnkey energy storage system prices had fallen 40% from 2023 numbers to US$165/kWh in 2024.

How many energy storage installations are there in 2024?

According to the Q1 2025 US Energy Storage Monitor from Wood Mackenzie Power & Renewables and the American Clean Power Association (ACP), energy storage installations surpassed 12GW in 2024. California governor Gavin Newsom has taken steps to accelerate the 300MW Cornucopia Hybrid Project in Fresno County, California, US.