Cost Projections for Utility-Scale Battery Storage: 2023 Update

Wesley Cole, Akash Karmakar

Research output: NRELTechnical Report


In this work we describe the development of cost and performance projections for utility-scale lithium-ion battery systems, with a focus on 4-hour duration systems. The projections are developed from an analysis of recent publications that include utility-scale storage costs. The suite of publications demonstrates wide variation in projected cost reductions for battery storage over time. We use the recent publications to create low, mid, and high cost projections. Projected storage costs are $245/kWh, $326/kWh, and $403/kWh in 2030 and $159/kWh, $226/kWh, and $348/kWh in 2050. Battery variable operations and maintenance costs, lifetimes, and efficiencies are also discussed, with recommended values selected based on the publications surveyed.
Original languageAmerican English
Number of pages20
StatePublished - 2023

NREL Publication Number

  • NREL/TP-6A40-85332


  • battery storage
  • capacity expansion model
  • cost projections


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