A new statistical tool can predict how the price of energy storage tech will drop. Given current trends, the price for batteries could lower enough to make electric cars rival gasoline and diesel vehicles as early as 2022 under the most optimist scenario. Home storage tech — the kind that stores excess power generated by rooftop solar panels — could become competitive in the early 2030s.
More and more people and businesses alike are using renewable energy sources like solar for electricity. It just makes economic sense since in some places solar is already cheaper than the grid and the window of opportunity is expanding every day as manufacturers battle one another for who can slash prices the most. But while the price of power generation for solar has come down dramatically, the same can’t be said about battery storage.