According to a recent report by the IRENA (International Renewable Energy Association), by the year 2030, we could see the cost of battery storage drop by up to 66%.
This report primarily examined the idea of static storage for batteries. However, there was also some thought given to the prospective rise in battery tech that is expected to occur alongside the increased development of electric vehicles.
The predicted price fall is likely to create a new wave of economic and commercial opportunities. This will be a consequence of the price drop triggering a huge increase in installed battery storage – a 17 fold growth to be more precise.
The Electricity Storage and Renewables: Costs and Markets to 2030 report, published by IRENA, noted that the global capacity for battery storage could treble if nations chose to double the share of renewables in their energy spheres.