The Electric Power Research Institute (EPRI) released a new interactive spreadsheet to help utility buyers and sellers of energy storage systems understand and clearly define the total cost of ownership of these technologies.
The cost of energy storage goes beyond the price of batteries, which may only account for one-fourth to one-half of total project cost. In fact, there are more than 150 items to consider, such as shipping, warranties, installation and insurance.
The Energy Storage Integration Council (ESIC) Cost Tool provides a way to clearly identify the costs associated with purchasing and installing an energy storage system that’s connected to the power grid. It enables utilities and suppliers to indicate the breadth of scope for a system or project, allowing buyers to clarify what they need and suppliers to clarify what they are offering.
“Energy storage is an important resource for optimizing the grid of the future,” said Ben Kaun, manager of ESIC at EPRI. “This tool will provide accurate and transparent costs associated with utility-scale storage on the front end of the process so that there’s no buyer’s remorse on the back end.”
Led by EPRI, ESIC is a collaborative, technical group of more than 200 entities that includes utilities, energy storage suppliers, and other interested stakeholders, who share a goal of developing energy projects that are safe, reliable, and cost-effective.
To download this tool, click here.