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June 29: The price decline of lithium-ion batteries
The cost of lithium-ion batteries has fallen an impressive 97% in the past 27 years.
Source: Our World in Data
Published: June 2021
The price decline of lithium-ion batteries
The cost of lithium-ion batteries, an essential renewable energy resource, has fallen an impressive 97% in the past twenty-seven years. A 1 kilowatt/hr capacity battery cost $7,500 in 1991, yet only $181 in 2018.
This rapid price reduction boosts the viability of renewable energy. Lithium-ion batteries allow excess energy to be stored and released later, resolving the issue of intermittent energy production in renewable energy.
In other words, without constant sun or wind we can’t ensure a reliable flow of solar and wind energy generation. The increased accessibility of lithium-ion batteries enables greater energy reserve, making renewable energy a more practical and stable market.
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