According to a report by BW Businessworld, the cost of battery storage has fallen by nearly 80% in just two years. This significant reduction in costs is expected to have a major impact on the renewable energy sector, making it more viable and competitive with fossil fuels.
The Indian government has been actively promoting the use of renewable energy sources, such as solar and wind power, to reduce the country’s dependence on fossil fuels and mitigate climate change. However, one of the major challenges faced by the renewable energy sector is the intermittency of power supply, which can be addressed through battery storage.
Battery storage technology allows excess energy generated from renewable sources to be stored and used when needed, thereby ensuring a stable and reliable power supply. The reduction in battery storage costs is attributed to advancements in technology, economies of scale, and increased competition in the market.
The falling cost of battery storage is expected to boost the adoption of electric vehicles, as well as the use of renewable energy for grid-scale power generation. It will also enable greater penetration of renewable energy into the grid, reducing reliance on fossil fuels and decreasing greenhouse gas emissions.
The government’s efforts to promote renewable energy and reduce battery storage costs are in line with its commitment to achieve 40% of its installed power capacity from non-fossil fuels by 2030. The reduction in battery storage costs is a significant step towards achieving this goal and is expected to have a positive impact on the environment and the economy.
The report highlights the importance of continued investment in research and development to further reduce battery storage costs and improve efficiency. It also emphasizes the need for policies and regulations that support the adoption of renewable energy and battery storage technologies.
Overall, the nearly 80% fall in battery storage costs in just two years is a significant development that is expected to transform the renewable energy sector and contribute to a more sustainable and environmentally friendly future. As the cost of battery storage continues to decline, it is likely that we will see increased adoption of renewable energy sources and a reduction in our reliance on fossil fuels.