Global average prices for turnkey battery storage systems fell by almost a third year-over-year, with sharp cost declines expected to continue.

Cell manufacturing overcapacity and intense competition contributed to an 8% decline in the average cost of lithium-ion battery packs, according to BloombergNEF.

Despite lowering its forecasts due to US-led tariff and policy disruptions, BNEF says 2025 will be a record-breaking year for energy storage.

A panel discussed the impact of CAISO’s interconnection reforms at last month’s Energy Storage Summit USA 2025 in Dallas.

BloombergNEF (BNEF) has found that utility-scale BESS uptake in Australia could increase eightfold to 18GW in 2035, up from 2.3GW in 2024.

BNEF analyst Isshu Kikuma discusses trends and market dynamics impacting the cost of energy storage in 2024 with ESN Premium.

A growing industry trend towards larger battery cell sizes and higher energy density containers is contributing significantly to falling battery energy storage system (BESS) costs. 

Global average lithium-ion battery prices have fallen 20% to US$115 per kWh this year, going below US$100 for electric vehicles (EVs), BloombergNEF said.

Some long-duration energy storage (LDES) technologies are already cost-competitive with lithium-ion (Li-ion) but will struggle to match the incumbent’s cost reduction potential.

According to IEA and BloombergNEF, battery storage was the most invested-in energy tech, with biggest-ever growth in deployments recorded.