Battery technology has the potential to give countries their own self-sufficient, 24-hour electricity generation systems. That in turn will have a huge impact on the price of energy and the region’s economy in a wider context.
Between 2011 and 2015 China’s capacity of solar module production increased by six times. It was a huge contributor in the decline of the cost of solar. That same type of increase is occuring in lithium-ion batteries today. Between 2016 and 2020 we’re looking at a six-fold increase in lithium-ion battery capacity.
We’re seeing massive declines in the cost of solar-plus-storage and that means we’re moving towards a renewable baseload energy system.