Battery costs fall 70% in 18 months

(The Tesla Giga Factory Source)

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From GreenTechMedia:

Tesla's battery factory gets a lot of attention. When completed, the so-called Gigafactory will manufacture more lithium-ion batteries each year than were produced globally in 2013.

That will help push prices further downward. But a few other large producers -- LG Chem, Panasonic and Samsung -- are already making batteries at unprecedented scale. There are numerous giga-scale factories producing cells and battery packs for electric cars and stationary applications throughout Asia. And the recent wave of capacity is already impacting pricing in a big way.

According to Larsh Johnson, the chief technology officer of Stem, the company is paying 70 percent less for lithium-ion batteries than it was 18 months ago.

"It’s happening. The capacity is out there," said Johnson in an interview. "The momentum continues."

[Stem "creates innovative solutions that are changing the way energy is distributed and consumed. Stem combines powerful learning software and advanced energy storage, simultaneously helping businesses better manage energy costs while creating a more efficient electrical grid."]

Lithium-ion battery prices have fallen as much in the last 18 months as they fell in the previous 5 years.  What this implies about both renewable energy and EVs is that the revolution is going to happen faster than anyone imagines.