How much does a solar system cost?

The results in this figure are for cost-minimizing systems with generation costs of $1,500/kW for wind and $1,000/kW for solar and storage costs of $1,000/kW for power capacity and $20/kWh for energy capacity (Tech I). These systems have have an equivalent availability factor (EAF) of 100%.

How does storage energy capacity affect cost-minimized systems?

As storage energy capacity costs rise, the installed capacity of wind or solar generation relative to both storage energy capacity and plant output power generally increases for cost-minimized systems (Figures 4 and S49–S51).

How much does a storage system cost?

The costs of energy from optimized systems are summarized in Figure 3 for two different storage technology cost structures, with power and energy capacity costs of $1,000/kW and $20/kWh (Tech I) and $700/kW and $150/kWh (Tech II).

Can energy storage improve solar and wind power?

With the falling costs of solar PV and wind power technologies, the focus is increasingly moving to the next stage of the energy transition and an energy systems approach, where energy storage can help integrate higher shares of solar and wind power.

What are energy storage technologies?

Energy storage technologies, store energy either as electricity or heat/cold, so it can be used at a later time. With the growth in electric vehicle sales, battery storage costs have fallen rapidly due to economies of scale and technology improvements.

Does storage cost-competitive in achieving ultra-low storage energy capacity costs?

We find that achieving ultra-low storage energy capacity costs is one path for renewables plus storage to cost-competitively fill this role. The cost targets for storage depend on the location and output shapes, since these cost-minimizing systems require different storage sizes.