BNEF credits factors including cell manufacturing overcapacity, economies of scale, low metal and component prices, adoption of lower-cost lithium-iron-phosphate (LFP) batteries, and a slowdown in electric vehicle sales growth. The rapid proliferation of energy storage onto the U. Globally, battery prices just sustained their deepest year-over-year plunge since 2017 according to an analysis by research firm BloombergNEF. With energy storage battery prices dropping like hot potatoes in 2024 (we're talking 30-55% reductions from 2023 levels), even Santa's elves would struggle to keep up with this price-cutting frenzy. But what's fueling this freefall, and who's actually benefiting from these bargain basement prices?The belief that battery storage systems are prohibitively expensive, making them impractical for widespread use in residential and commercial settings, is outdated. While these systems were once costly, the price of batteries has significantly decreased over the past decade, making energy storage. This battery storage update includes summary data and visualizations on the capacity of large-scale battery storage systems by region and ownership type, battery storage co-located systems, applications served by battery storage, battery storage installation costs, and small-scale battery storage. Average battery costs have fallen by 90% since 2010 due to advances in battery chemistry and manufacturing. Today lithium-ion batteries are a cornerstone of modern economies having revolutionised electronic devices and electric mobility, and are gaining traction in power systems.