TRUE

Extensive data from energy agencies and research groups confirm that battery storage costs have declined by 80 to 90 percent over the past decade 213. The International Energy Agency reports a 90 percent cost reduction for lithium ion batteries since 2010 1215. Similarly, the think tank Ember notes that installed costs have fallen by an average of 20 percent per year over the last 10 years 79. BloombergNEF analysis highlighted a 20 percent drop in lithium ion battery pack prices in 2023 alone, reaching a record low of $115 per kilowatt hour 10. Even more rapid declines were noted in specific periods, with prices falling by approximately 80 percent in only five years between 2015 and 2020 11. Over a longer 30 year horizon, costs have plummeted by 99 percent 145.