Hello, fellow solar enthusiasts! Today, we’re going to delve into an exciting and rapidly evolving segment of the solar industry – Long Duration Energy Storage (LDES). As the name suggests, LDES is all about storing solar energy for longer durations to maximize its benefits. It is especially relevant for those who’re planning to install solar panels for your home or considering a larger solar array for home consumption.
Until recently, lithium-ion batteries dominated the energy storage landscape. However, emerging evidence suggests cheaper alternatives are set to challenge this dominance – especially for longer-term storage.
BloombergNEF conducted a survey analyzing seven different LDES technology groups, spread across twenty technology types. They found that the least expensive among these are already providing cheaper energy storage than traditional lithium-ion batteries for durations extending over eight hours.
Among these, thermal energy storage and compressed air storage are leading the charge, with an average capital expenditure (capex) of $232/kWh and $293/kWh respectively. In comparison, lithium-ion battery systems had an average capex of $304/kWh for systems with a capacity of four hours only.
Evidently, storage duration, along with the size of the project and its location, heavily impact LDES capex. The highest average capex was associated with gravity energy storage systems, which came in at $643/kWh.
I must point out that cost reduction in LDES technologies will primarily depend on larger scale deployment and path-breaking strides in market development across key global regions.
While early-stage solar companies are busy experimenting with various types of LDES solutions, it’s worth keeping an eye on this space for any homeowner planning to embark on a solar journey. Whether you are a novice exploring your first solar panels for your home or an experienced homeowner maintaining a well-established solar array for home, understanding the rapidly changing landscape of long-duration energy storage could save you big in the long run.
Stay tuned for my next overview of the latest and most exciting developments in the solar industry. Until then, keep soaking up the sun!
Original Articlehttps://pv-magazine-usa.com/2024/05/31/long-duration-energy-storage-poised-to-outcompete-lithium-ion-batteries/
