The fall in battery pack prices
Lithium-ion battery pack prices have fallen about 93% since 2010, reaching a record low of USD 115/kWh in 2024 — a 20% drop in that year alone. Cheaper batteries underpin both electric vehicles and the industrial storage that lets plants shift load away from peak prices.
What it means
Battery prices falling around 93% over a decade, and still dropping double-digits some years, turn on-site storage from a curiosity into a practical tool for cutting peak-demand charges and firming up renewable supply. For an operator it means energy-storage economics are worth re-checking annually, because the threshold where storage pays back keeps moving in the buyer's favour.
Context
BloombergNEF runs an annual battery price survey covering EV and stationary-storage packs. The 2024 drop was the largest since 2017, driven by manufacturing overcapacity, intense competition and a shift to lower-cost lithium iron phosphate chemistry; prices fell a further 8% to USD 108/kWh in 2025. Prices vary by region and application — China runs well below the global average — and historical figures are quoted in real 2025 dollars.
How to interpret this data
About the source: This data comes from BloombergNEF. Public datasets like this are the foundation of fact-based decision-making in industry. When you see these numbers cited in vendor proposals or consultant reports, remember: the raw data is freely available, and the value is in how you interpret it for your specific plant and situation.
Where this matters: How to reduce industrial energy costs are built on insights like the data shown here. Rather than treat data in isolation, read the deeper guides to see how these trends translate into actionable levers for your plant.
Sector relevance: This dataset is especially relevant to Power Generation, Chemicals. These sectors face the trends and challenges you see in this chart daily — energy cost pressure, the push for decarbonization, adoption of AI and predictive maintenance. Use this data to benchmark your plant against the industry average and identify where you lag or lead.
How to use this data: Take the headline number but look deeper at the chart. Is it growing or shrinking? Which segments or regions drive the trend? Does your plant's data align, or are you an outlier? Outliers are often where the best opportunities hide — either an efficiency gap you can exploit, or a leading practice you can copy.
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Related topics
How to Reduce Industrial Energy Costs: Practical Quick Wins · Demand Response · Net Zero
Relevant to: Power Generation · Chemicals · Steel & Metals