The Rocky Mountain Institute (RMI) released a study adding to the renewables story: the technology behind batteries are improving faster – and with prices continuing to fall, transitioning to 100% will become easier.
Key Takeaways:
- From January to June of 2019, nearly $1.5 billion dollars has been invested in battery technology improvements
- RMI forecasts a reduction of over 50% in capital costs over the next 4 years for newly planned battery-manufacturing capacity
- Beyond lithium-ion: the United States will likely become a global leader in the battery industry as a push for new tech stimulates innovation
Path to 100% Perspective:
Energy storage is fast becoming a standard with new build-outs of solar projects – these hybrid (solar + storage) plants are becoming cheaper to build given the advancements in battery technology. Couple this with a push to think outside the lithium-ion box and the future looks to be constantly expanding for ways to address the need for long-duration energy storage. Such long-duration storage solutions will be the key in making society’s path to 100% easier to achieve. Learn more from what we’re reading on Smart Energy International entitled “Battery technology improvements outpacing forecasts.”