{"id":80254,"date":"2023-11-28T08:22:47","date_gmt":"2023-11-27T22:52:47","guid":{"rendered":"https:\/\/www.solarquotes.com.au\/blog\/?p=80254"},"modified":"2023-11-28T08:22:47","modified_gmt":"2023-11-27T22:52:47","slug":"bloomberg-battery-price-falls","status":"publish","type":"post","link":"https:\/\/www.solarquotes.com.au\/blog\/bloomberg-battery-price-falls\/","title":{"rendered":"Breaking the $140 Barrier: BNEF Reports Record Low Battery Prices"},"content":{"rendered":"
\"tesla

A still From Tesla’s battery manufacturing video<\/a>.<\/p><\/div>\n

Battery prices have begun falling again after rising during 2022, according to Bloomberg New Energy Finance (BNEF).<\/p>\n

According to analysis announced yesterday<\/a>, BNEF says average lithium-ion battery pack prices have dropped to US$139 per kilowatt-hour after ending last year, hitting $161\/kWh.<\/p>\n

The US$139\/kWh price represents a record low, BNEF says.<\/p>\n

And there are more price falls to come, with BNEF predicting that nickel, lithium and cobalt prices will fall next year.<\/p>\n

The company said by 2024, the pack price could be at $US133\/kWh, $113 in 2025, and as low as $US80\/kWh by 2030.<\/p>\n

\"bar<\/p>\n

What\u2019s behind the falling prices? Three main factors: raw material and component prices fell as production capacity grew; demand fell short of some industry expectations; and the take-up of lower-cost cathode chemistries.<\/p>\n

Surprisingly, battery prices<\/a> continue to fall despite huge demand growth: BNEF said demand across the EV and stationary storage markets grew 53% year-on-year, reaching 950 GWh in 2023.<\/p>\n

China enjoyed the lowest prices in the world, at around $US126\/kWh, with prices in Europe 11% higher and 20% higher in the US.<\/p>\n

China\u2019s prices, BNEF said, were driven by manufacturers ramping up production to grab their slice of the growing market.<\/p>\n

The world\u2019s manufacturers are also adopting new and cheaper technology.<\/p>\n

LFP Cells 32% Cheaper Than NMC<\/h2>\n

The type of lithium-ion battery affects cost. Lithium iron phosphate (LFP) cathode technology is the catalyst here: battery packs come in at $US130\/kWh and cells at $US95\/kWh.<\/p>\n

BNEF said this is the first time LFP has dipped below the $US100 mark, and on average LFP cells cost 32% less than those using lithium nickel manganese cobalt oxide (NMC) cathodes.<\/p>\n

That’s promising for the upcoming Tesla Powerwall 3<\/a> pricing, which is said to use LFP cells.<\/p>\n

EV Battery Packaging Gets Cheaper Too<\/h2>\n

EV battery packs averaged $US128\/kWh. Battery cells averaged $US89\/kWh.The cell-to-pack ratio in EVs has gone from 70% : 30% to 78% : 22%. In other words, assembling the battery cells into packs is getting cheaper.<\/p>\n

\"pie

EV battery cells are getting cheaper to assemble into packs.<\/p><\/div>\n

The only cloud on the horizon in BNEF\u2019s predictions is the impact of politics, with policies encouraging local manufacturing (in the USA and Europe) and raising the spectre of higher costs.<\/p>\n

As BNEF explained, battery manufacturers in those blocs are impacted by energy, equipment, land, and labour costs \u2013 all higher than in Asia.<\/p>\n

However, the analyst firm said it had not modelled the $US45\/kWh production tax credit under America\u2019s Inflation Reduction Act.<\/p>\n

As for when the battery cell and pack price reductions will make home batteries<\/a> cheaper, your guess is as good as mine.<\/p>\n","protected":false},"excerpt":{"rendered":"

Battery prices have begun falling again after rising during 2022, according to Bloomberg New Energy Finance (BNEF).<\/p>\n","protected":false},"author":23,"featured_media":80286,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[678],"tags":[],"class_list":["post-80254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solar-battery-news","entry"],"acf":[],"yoast_head":"\nBreaking through $140: BNEF Reports Record Low Battery Prices<\/title>\n<meta name=\"description\" content=\"Record lows in lithium-ion battery pricing with further reductions forecasted, should lead to cheaper EVs and home 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India has seen a 117% compound annual growth rate in rooftop PV since April 2013 and 715MW of rooftop solar was installed this financial year.\u2026","rel":"","context":"In "General Solar & Storage News"","block_context":{"text":"General Solar & Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Rooftops solar power in India","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/11\/india-rooftop-solar.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/11\/india-rooftop-solar.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/11\/india-rooftop-solar.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/11\/india-rooftop-solar.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":18502,"url":"https:\/\/www.solarquotes.com.au\/blog\/australian-renewable-energy-investment-mb0421\/","url_meta":{"origin":80254,"position":1},"title":"Australia A Standout In Renewable Energy Last Year, But…","author":"Michael Bloch","date":"January 19, 2018","format":false,"excerpt":"Australia was a star performer in renewable energy investment last year says Bloomberg New Energy Finance (BNEF)\u00a0 - but it warns clouds may be gathering. 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Released at the BNEF Future of Energy Summit in Shanghai yesterday, the report states total cumulative solar capacity jumped 54% year-on-year and\u2026","rel":"","context":"In "General Solar & Storage News"","block_context":{"text":"General Solar & Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Climatescope 2017","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/11\/climatescope-solar.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/11\/climatescope-solar.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/11\/climatescope-solar.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/11\/climatescope-solar.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":19999,"url":"https:\/\/www.solarquotes.com.au\/blog\/ge-reservoir-battery-mb0506\/","url_meta":{"origin":80254,"position":3},"title":"Large-Scale Battery Storage : GE Reservoir","author":"Michael Bloch","date":"March 15, 2018","format":false,"excerpt":"Last week, GE unveiled its large-scale energy storage solution, which is based on the 1.2 MW\/4 MWh Reservoir Storage Unit. The lithium-ion battery based GE Reservoir platform can be AC or DC coupled and is designed for various applications including storing energy from solar, wind and thermal generation, and offering\u2026","rel":"","context":"In "General Solar & Storage News"","block_context":{"text":"General Solar & Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"GE Reservoir battery","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2018\/03\/ge-reservoir-battery.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2018\/03\/ge-reservoir-battery.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2018\/03\/ge-reservoir-battery.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2018\/03\/ge-reservoir-battery.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":15754,"url":"https:\/\/www.solarquotes.com.au\/blog\/jinkosolar-cell-efficiency-mb0244\/","url_meta":{"origin":80254,"position":4},"title":"JinkoSolar Breaks Solar Cell Efficiency Record (Again)","author":"Michael Bloch","date":"October 10, 2017","format":false,"excerpt":"The conversion efficiency for P-type mc-Si PERC cells has exceeded the 22% mark for the first time - and the technology will be integrated into JinkoSolar's production lines. The company announced it achieved conversion efficiency of 22.04% for \"practical sized\" P-type multi-crystalline silicon solar cells, which has been verified by\u2026","rel":"","context":"In "General Solar & Storage News"","block_context":{"text":"General Solar & Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"JinkoSolar panels","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/10\/jinko-solar-panels.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/10\/jinko-solar-panels.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/10\/jinko-solar-panels.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":27504,"url":"https:\/\/www.solarquotes.com.au\/blog\/renewable-energy-ppa-mb0917\/","url_meta":{"origin":80254,"position":5},"title":"New Record Set For Corporate Clean Energy PPAs In 2018","author":"Michael Bloch","date":"January 29, 2019","format":false,"excerpt":"BloombergNEF (BNEF) reports corporations across the world entered into agreements covering 13.4GW of renewable energy capacity in 2018, more than double 2017's figure of 6.1GW. BNEF states clean energy contracts were signed by 121 corporations in 21 different countries over the course of last year. 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