Data updatesBattery prices have fallen more than 99% in the last three decades

Battery prices have fallen more than 99% in the last three decades

To transition towards low-carbon energy systems, we need low-cost energy storage. Lithium-ion batteries are the most commonly used.

I’ve updated our charts with the latest data on lithium-ion battery prices. As you can see in the chart, these prices have fallen by more than 99% since 1991.

This data was compiled by researcher Rupert Way from the University of Oxford, based on multiple sources.

Explore all of our interactive charts on battery prices
Price of lithium-ion battery cells. Line chart showing representative estimates of battery cell prices in constant 2024 US dollars per kilowatt-hour across major cell chemistries from 1991 to 2024. Main insight: a steep fall from $9,210 per kWh in 1991 to about $78 per kWh in 2024, with most of the decline occurring through the 1990s and early 2000s before prices leveled off and gradually declined further. Y-axis labeled $0 to $10,000 with tick marks at roughly $2,000 intervals; x-axis covers years 1991 to 2024. Note: data are expressed in constant 2024 US$ per kilowatt-hour. Data source: Rupert Way (2026) based on Ziegler and Trancik (2021), BloombergNEF, and Avicenne Energy. Chart is licensed CC BY to Our World in Data.