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Will Plunging Battery Prices Start a Boom In Electric Power?

An anonymous reader quotes Utility Dive:

Average market prices for battery packs have plunged from $1,100 per kilowatt hour in 2010 to $156 per kilowatt hour in 2019, an 87% fall in real terms, according to a report released Tuesday by Bloomberg New Energy Finance (BNEF). Prices are projected to fall to around $100 per kilowatt hour by 2023, driving electrification across the global economy, according to BNEF’s forecast. BNEF’s latest forecast, from its 2019 Battery Price Survey, is an example of how advancements in battery technology have driven down costs at rates faster than previously predicted. Three years ago, when battery prices were around $300 per kilowatt hour, BNEF projected they would fall to $120 per kilowatt hour by 2030…

The cost of lithium-ion batteries mandates the cost of electric vehicles for consumers and the ability of battery storage projects to compete in electricity markets. As they get cheaper, batteries will be used in more industry sectors. “For example, the electrification of commercial vehicles, like delivery vans, is becoming increasingly attractive,” BNEF said.

Earlier this year, Amazon placed an order for 100,000 all-electric delivery vans from Michigan-based start-up manufacturer Rivian. Just this week, Reuters reported that DHL will run pilot programs for its StreetScooter electric delivery vehicles in U.S. cities, starting in 2020.

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