BNEF says 2019 battery cost was US$156/kWH
Analysis by BNEF suggests that average costs for lithium-ion battery packs fell to US$156/kWh in 2019 from US$176/kWh in 2018. BNEF states in its report that it expects prices to hit the US$100/kWh level in 2024. The cell cost makes up 72% of the total battery pack cost, up slightly from 68% in 2014. However, it is interesting that the rate of decline of costs has also fallen in the past three years which could indicate that we are close to maxing out on cost savings, particularly if raw material prices rise over the next few years, as we are expecting.