
Panama has launched a 500MW tender auction for renewables and energy storage, the first in Central America to include storage.. Panama has launched a 500MW tender auction for renewables and energy storage, the first in Central America to include storage.. The country's National Secretary of Energy and the state-owned power transmission company Empresa de Transmisión Eléctrica SA (ETESA) are seeking 500 MW of renewables and energy storage capacity, f. [pdf]

As of September 2023, the price of electricity used in households in Ghana amounted to 1.65 Ghanaian cedis, some 0.13 U.S. dollars, per kilowatt hour.. As of September 2023, the price of electricity used in households in Ghana amounted to 1.65 Ghanaian cedis, some 0.13 U.S. dollars, per kilowatt hour.. The BGC captured in the tariff gazetted by the PURC in January 2023 is GHp 85.84/kWh, making up 61% of the average End User Tariff (EUT) of GHS 1.41/kWh. [pdf]
Factoring in these costs from the beginning ensures there are no unexpected expenses when the battery reaches the end of its useful life. To better understand BESS costs, it’s useful to look at the cost per kilowatt-hour (kWh) stored. As of recent data, the average cost of a BESS is approximately $400-$600 per kWh. Here’s a simple breakdown:
2023 costs for residential BESS are based on NREL’s bottom-up BESS cost model using the data and methodology of (Ramasamy et al., 2023), who estimated costs for only alternating current (AC) coupled systems. We use the same model and methodology, but we do not restrict the power or energy capacity of the BESS to two options.
The power and energy costs can be used to determine the costs for any duration of utility-scale BESS. Definition: The bottom-up cost model documented by (Ramasamy et al., 2022) contains detailed cost components for battery-only systems costs (as well as batteries combined with photovoltaics [PV]).
Projected Utility-Scale BESS Costs: Future cost projections for utility-scale BESS are based on a synthesis of cost projections for 4-hour duration systems as described by (Cole and Karmakar, 2023). The share of energy and power costs for batteries is assumed to be the same as that described in the Storage Futures Study (Augustine and Blair, 2021).
The $/kWh costs we report can be converted to $/kW costs simply by multiplying by the duration (e.g., a $300/kWh, 4-hour battery would have a power capacity cost of $1200/kW). To develop cost projections, storage costs were normalized to their 2022 value such that each projection started with a value of 1 in 2022.
Modern BESS solutions often include sophisticated software that helps manage energy storage, optimize usage, and extend battery life. This software can be an added expense, either as a one-time purchase or a subscription model. Effective software can lead to cost savings over time by ensuring the system operates at maximum efficiency.

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