Lithium-ion Battery Price Decreased by 85% During the Past Decade

Lithium-ion (Li-ion) batteries are used in electronic devices and electric vehicles (EVs). EV’s Li-ion battery prices are commonly considered in the packed-form. For instance, the battery-pack price for EV is stated cost ($) per kilowatt-hour (kWh). Over the past decade, the battery-pack price has been driven down to $156 per kWh, compared to $1100 per kWh in 2010, according to CNBC news.

This more than 85% reduction is due to a surge in Li-ion battery production and being popular in utility-scale storage. The latter has currently become a general trend in the renewable power generation sector. Since the climate crisis becomes more apparent than before. Batteries hold the key to transitioning to a renewable-fueled world. Solar and wind are playing a greater role in power generation, but without effective energy storage techniques, natural gas and coal are needed for times when the sun isn’t shining or the wind isn’t blowing, according to CNBC.

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Source:@CNBC & @Solar_Edition

Photo:@Solar_Edition

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