As of most recent estimates, the cost of a BESS by MW is between $200,000 and $450,000, varying by location, system size, and market conditions. Prices have been falling, with lithium-ion costs dropping by about 85% in the last decade, but they still represent the largest.
As of recent data, the average cost of a BESS is approximately $400-$600 per kWh. [PDF Version] It integrates 215kWh LiFePO4 batteries with BMS, high-voltage box, power distribution system, PCS (Power Conversion System), control system, fire protection system, temperature.
The average cost of BESS projects with planned completion dates between 2024 and 2028 is around USD270/kW, compared to USD1,100/kW for pumped hydropower and USD1,350/kW for CAES.
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