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Finally, the cost of batteries will reduce until the material requirements and therefore the price of the raw materials prevent further decreases (Fig. 13). Fig. 13. Projected cost over time (with a fixed range that is 400 km in 2020, with a linear increase to 800 km in 2050).
The suite of publications demonstrates wide variation in projected cost reductions for battery storage over time. Figure ES-1 shows the suite of projected cost reductions (on a normalized basis) collected from the literature (shown in gray) as well as the low, mid, and high cost projections developed in this work (shown in black).
We make a similar observation by comparing the results from the two most unequally distributed groups in this analysis. 5 of the 7 experts interviewed by Baker et al. in 2010 are from academia and the average estimate of battery cost among experts is 265 $ (kW h) −1 for 2020, an optimistic estimate at the time.
Battery storage costs have evolved rapidly over the past several years, necessitating an update to storage cost projections used in long-term planning models and other activities. This work documents the development of these projections, which are based on recent publications of storage costs.
The global average battery pack price has plummeted from a little under $1000/kWh in 2010 to approximately $160/kWh in 2019, and is expected to fall to about $111 per kilowatt-hour (kWh) in 2025, followed by $73/kWh in 2030, $65/kWh in 2040 and $57/kWh in 2050.
Within this transformation, battery costs are considered a main hurdle for the market-breakthrough of battery-powered products. Encouraged by this, various studies have been published attempting to predict these, providing the reader with a large variance of forecasted cost that results from differences in methods and assumptions.
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Potential difference, often referred to as voltage, is the difference in electric potential between two points in a circuit.This difference drives the flow of electric current from one point to another. …
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