Battery storage costs have plummeted by 93% over the last fourteen years, a drop that has fundamentally changed how the world builds its power systems. According to the authors of the newly released report, this dramatic price reduction is the primary driver behind the rapid expansion of large-scale battery projects globally.
The report states that “From 2010 to 2024, battery storage costs declined by 93%, which has enabled the rapid scaling of BESS deployment.” It further notes that “Battery energy storage systems (BESS) account for the majority of new storage additions because of their strong integration with wind and solar power.”
In simple terms, this means that the technology used to store electricity has become significantly more affordable in just over a decade. Because wind and solar energy are only available when the weather permits, these cheaper batteries allow power companies to save that energy and use it whenever it is needed, making clean energy more practical and reliable for everyone.
The report “Energy Storage Signals Shift to Renewable Grids” was published in March 2026 by the Global Energy Monitor. Prepared by lead author Ye Huang, the briefing analyzes the rapid global expansion of battery storage systems and their essential role in integrating variable wind and solar power into modern electricity grids.
