The cost of energy storage technologies is set to reduce significantly over the next five years driven by economies of scale and improvements in both technology and standardisation, according to a new report from financial advisory and asset management firm Lazard.
The anticipated growth in stationary energy storage will be dependent on a significant decrease in costs. Florian Mayr and Hannes Beushausen explain how the relative costs of different storage technologies in different applications can be compared and understood as an intial step towards increasing competitiveness.
Misconceptions over the true value of energy storage are developing because of a “narrow focus” on the initial costs of the technology, a report has concluded.