Are you trying to decide which type of energy storage system is best for your needs? Two of the most popular options available today are lithium-ion batteries and flow battery systems. While both offer their own unique advantages, it's important to consider factors like price and performance when making a decision.
We've done some research and analysis to help you compare the price-to-performance ratio of these two types of energy storage systems. Keep reading to learn more!
Lithium-Ion Battery Systems
Lithium-ion battery systems are widely used for energy storage in residential, commercial, and utility-scale applications. They are known for their high energy density, long cycle life, and low maintenance requirements.
In terms of price, the cost of lithium-ion battery systems has been decreasing steadily in recent years due to advances in manufacturing technology and economies of scale. According to a recent report by BloombergNEF, the average cost of lithium-ion batteries decreased by 89% between 2010 and 2020, from $1,100 per kWh to $137 per kWh.
When it comes to performance, lithium-ion batteries are capable of discharging at high rates and have a high round-trip efficiency (the percentage of energy that can be retrieved from the battery compared to the amount that was put in). They are also able to hold a charge for a relatively long time without losing capacity.
Flow Battery Systems
Flow battery systems are another type of energy storage technology that is gaining popularity in the renewable energy sector. Unlike lithium-ion batteries, flow batteries use liquid electrolytes that are separated by a membrane or flow through a porous electrode.
In terms of price, flow battery systems are generally more expensive than lithium-ion batteries. The cost of flow battery systems ranges from $300 to $500 per kWh, depending on the type and size of the system.
In terms of performance, flow battery systems have a lower energy density than lithium-ion batteries, meaning they take up more space for the same amount of energy storage. However, they are capable of rapid charging and have a longer cycle life than lithium-ion batteries, making them more suitable for certain applications.
Price-to-Performance Ratio Comparison
To compare the price-to-performance ratio of lithium-ion and flow battery systems, we need to look at both the cost and the capabilities of each type of system.
On one side, lithium-ion batteries offer a lower upfront cost, higher energy density, and higher round-trip efficiency. On the other side, flow battery systems offer a longer cycle life, better performance at high temperatures, and the ability to discharge completely without damage.
At the end of the day, the choice between lithium-ion and flow battery systems will depend on your specific needs and requirements. If you need a system that can discharge at high rates and take up less space, lithium-ion batteries may be the best choice. If you need a system that can withstand multiple cycles without degradation, and have high-temperature performance, flow battery systems may be the right choice.
We hope this comparison has been helpful. If you have any questions or need more information, don't hesitate to contact us!
References
- BloombergNEF. (2020). New Energy Outlook 2020. BloombergNEF. https://about.bnef.com/new-energy-outlook/
- DeRosa Jr, T. F., & Duncan, S. R. (2018). Flow Battery Systems. Wiley Encyclopedia of Electrical and Electronics Engineering.
- Li, M., Liu, T., Li, X., Song, Q., Wu, Y., & Liu, Z. (2015). Progress in Flow Battery Research and Development. Progress in Chemistry, 27(5), 688-698.