Let’s talk about Solar growth & Energy Storage

Shahar Elys
Nov 2 · 2 min read

In 1970 the price of solar energy was about 50 cents per kWh.
Today, solar in it’s best commercial applications is at one to two cents. With an effective cost of about 12 cents per kWh, and with a standard warranty for modules, inverters, and optimizers of about 25 years and rising, it’s becoming one of the favorite forms of energy.

It is still not all rosy with solar. Solar panels do not generate any power during the night and less effective in cloudy environments. To be sustained solely by solar, we have to be able to generate sufficient energy during the day and store enough energy for nighttime.

In the last decade, energy storage solutions had made some exciting advancements too. As cost-effective energy storage is crucial for renewables, the price for the well-known lithium-ion batteries is going down alongside the cost of PV technologies. According to Bloomberg, the average cost of lithium-ion batteries collapsed by 85% from 2010 to 2018 reaching an average cost of $176 per kWh.

However, for the desired 100% renewable result, this price is still relatively high; While solar panels can generate excess power during the day, there is not always a cost-effective way to save that energy for later. No worries, the amount of R&D around this area is enormous. There will be some breakthroughs coming to us. It is not a question of whether it’s going to happen, but when.

The tipping point is emerging. In sunny and developed geographies like Hawai and California, there are already bids won by solar + storage solutions versus natural gas solutions. This is only the beginning of the renewable era. Energy storage is the last piece of the puzzle to get 24/7 renewables solutions. As more energy storage breakthroughs appear, the more renewable energy will dominate the market. Wait for it.

Peace

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