The solar industry report, published on Friday, said that while costs for the greater majority of available battery technologies remained prohibitive, economically competitive batteries were the “killer app” and the “holy grail” of solar penetration.
But with many costs already lower than published literature would suggest, Deutsche Bank believes this ultimate solar and renewable energy goal might not be far out of reach.
“Using conservative assumptions and no incentives, our model indicates that the incremental cost of storage will decrease from ~14c/kWh today to ~2c/kWh within the next five years,” the report says.
“When overall system cost decreases are considered, we believe solar + batteries will be a clear financial choice in mature solar markets in the future.”
Currently, according to Deutsche, the cost of a typical lead-acid battery may be as low as ~$200/kWh, while best in class lithium-ion technology was producing commercial/utility packages in the ~$500/kWh range at end 2014 – half the cost of the ~$1000/kWh 12 months prior.
“We believe 20-30 per cent yearly cost reduction is likely (for lithium-ion batteries), which could bring (them) at commercial/utility scale to the point of mass adoption potential before 2020,” the report says.
Read more at Energy Storage to Reach Cost ‘Holy Grail’, Mass Adoption in 5 Years
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