LG Chem Pushes Down Australian Battery Storage Price
As LG Chem launches a new 6.4kWh battery storage system, the competition in nascent battery storage market is very fierce.
The new battery storage system is being made available to consumers in the next few weeks, and follows the release into the Australian market of AU Optronics, promoted by AGL Energy, and rival offerings from Samsung, Enphase, Panasonic and SMA.
But the LG Chem system is already bringing costs down at the top end of the market – matching the assumed pricing of the much vaunted Tesla Powerwall, with the advantage that it is actually in the market.
LG’s Chem Residential Energy Storage Unit (RESU) 6.4kWhr battery is similar in size, shape and capacity, to the Tesla offering, and is expected to last 15 to 20 years, or at least 6,000 cycles. It is being offered in Australia at $A6,898. The first supplies have arrived in Australia via wholesalers Solar Juice.
LG Chem, in its blurb to installers, says it expect the units to have a retail price of a bit more than $1000 per kW/h ex GST plus inverter solution. “The cost curve will come down over time,” it says.
The units can be upgraded to a total of 12.8kWh with 3.2kWh expansion units. LG Chem says these are expected to be slightly more than 50% of the RESU 6.4Ex price.
Jeff Wehl, from Brisbane-based Ecoelectric, says the technology will easily defy grid costs with a typical cost per kWhr of around 15 cents over 15 years.