U.S. Front-of-the-Meter Energy Storage System Prices 2018-2022

by Mitalee Gupta

Energy storage system prices are predicted to decline at a rate of 8% annually through 2022, a slower pace than previous declines. Future changes in system prices will likely be driven by innovation and improvements in the varied hardware components that make up front-of-the-meter energy storage systems. Notably, standardization of system design and engineering, and competitive markets, will all continue to bring down storage BOS hardware costs as well as engineering, procurement and construction (EPC) expenses.

Year-Over-Year Decline in Battery Price and BOS Cost, 2013 – 2022E (%)

New system architectures and inverter selections will also impact the final cost of energy storage systems in the future. This report touches on all these components and uses a bottom-up methodology to track, model and report on energy storage system prices. The full report includes both an in-depth analysis of the data and a cost model.

This report is available for purchase or as part of GTM Research's Energy Storage Service. To learn more, please contact storagesubscription@gtmresearch.com.


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Mitalee Gupta Analyst, Energy Storage

Mitalee Gupta is an energy storage analyst at GTM Research, where she focuses on supply chain analysis of the global storage market. Prior to joining GTM, Mitalee worked with Utah Clean Energy, on energy storage, electric vehicles and energy efficiency policy and rate design issues in the southwest region. She has also worked with United Nations Development Programme in the past. Mitalee has a Masters of Environmental Management from Yale School of Forestry & Environmental Studies, and pursued her Bachelors in Environmental Engineering from Delhi, India.

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