Battery pack prices dipped below US$500 per kilowatt-hour (kWh) for the first time in 2015 (in real 2021 dollars) and declined drastically to US$132 per kWh in 2021, after which prices started rising.1 What factors contributed to this dramatic price decline, what caused prices to rise, and what’s in store…
Abhishek Rao is a senior renewable energy consultant at Wood. His role requires advising clean energy developers, electric utilities, investors, lenders and governments to help develop, design and deploy utility-scale solar and storage. Rao has over 10 years of experience in the clean energy sector, during which he has supported over 6,400 MWdc of solar and over 5,500 MWh of storage globally. He received a master’s degree in solar energy engineering, business and policy from Arizona State University.