Cost of Battery – Introduction, and Comparison

Batteries have become quite essential in the world today. Most of our devices depend on their power. This is why it's hard to live without them.

However, getting a new battery may be more costly than you thought. Even though an increase in production has made them more accessible, the highest-end and best-performing batteries still cost a fortune.

Take EV batteries for instance. They contribute to the largest percentage of the car's total cost. It's the battery that runs the car, which is why it must be designed in a manner that brings out the best.

Understanding battery prices can help you make a more informed decision. You need to understand that there are cheaper batteries that have sacrificed the general performance and quality. And there are expensive batteries that will give you complete value for your money.

In this guide, we will be discussing battery costs in details. Keep reading.

Cost of Battery Storage

Battery storage systems offer the most convenient way to harness solar power and use it as an alternative source of energy. You may be asking yourself if investing in solar panels is a great idea. We can find out by discussing the general costs of installing such systems.

First, battery storage has become quite important in the world today. As we move more and more towards green energy, it is no longer about if but when you should install solar panels on your roof. They don't only save on the energy costs but they also help in keeping our environment clean.

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But before you invest in one, it's helpful to know the approximate price so that you can make a more informed decision. Here is what you should know.

The Cost of Buying New Battery Storage Systems

There are various battery storages on the market. Our focus is on solar batteries. Even within this category, some various qualities and features affect the final price.

On average you should be ready to spend anything between $800 and $10,000 to buy new solar battery systems. If you need something that can power your entire house, it will cost you between $5000 and $7000.

Several factors determine the price of these systems. The main determinant is the kilowatt-hours (kWh) required to power your home or the appliance you want the battery for. The price varies between $400/kWh and $750kWh.

So, if you want a battery that offers 14kWh of storage, you will have to spend between $5600 and $10500. It all comes down to the battery quality and how much load you intend to have.

Using this calculation, you can make a good budget that involves something other than what you don't need. And the best part about battery storage is that you can always upgrade easily whenever you want. You can, for instance, add another battery to your system when you want more power, and it will meet your needs.

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The Cost of Installation

It is not only the buying cost you should be concerned about. There is also the installation cost, which plays a major role in the final cost too. Installation depends on the quality and quantity of the battery and where it's being installed.

Most storage systems cost between $2000 and $3500. However, the smallest systems can cost as little as $200. It depends on how much work a professional installer will take to finish the installation project. This includes connecting the solar battery to the panels, combining several batteries, and doing the correct wiring job.

When everything is included, getting a good installation can cost between $300 and $15000. High-quality battery storage systems tend to cost a lot more, generally varying between $5000 and $7000.

Summary

Now that you know the two main factors that affect the price of a battery storage system, you have a round idea of how much it will cost you. You can spend between $1000 and $30000 to have a complete solar storage system on your house. Aside from that, the battery type also affects the cost of installation. Consider the following:

Lead-acid battery – get ready to spend about $5000 to $15000 installing lead-acid storage systems. These are the oldest and the cheapest batteries to install.

Lithium-ion batteries – these batteries can cost between $7000 and $30000 to buy and install. They are long-lasting, durable, and offer great performance.

Lithium-iron-phosphate batteries – these are the highest-end batteries on the market today. Expect to part with anything between $9000 and $ 30000.

One of the best parts about installing high-end batteries is that they promise low maintenance. Hence, you get a great deal in the long run since you will not be paying high energy prices.

Cost of Battery Replacement

When your car battery is no longer working properly, you need to replace it immediately. The price range is based on the national averages. Even though it depends on the battery type quality, related repairs, model and location, the price is fairly the same.

Expect to part with anything between $79 and $496, depending on whether you do it yourself or you go to a mechanic. Batteries that last longer offer performance and are generally cheaper in the long run.

Consider the warranty too when replacing your car battery. Even though they last much longer than the warranties, it's still good to have periodic testing and inspection. You can avoid spending a lot of money on replacement and get it free of charge.

What Type of Battery is the Cheapest?

There are three main types of batteries out there:

Alkaline batteries

Nickel metal hydride batteries and

Lithium batteries

Alkaline batteries are large primary cells. They are single-use and cannot be recharged. This makes them the cheapest option.

For car batteries, lead-acid is the cheapest compared to lithium-based batteries. Even if you go for a dry lead-acid battery, it costs much less than lithium-ion batteries.

Nickel metal hydride batteries are more expensive than alkaline. However, they are not very popular today as they take too long to charge and have a memory effect.

Lithium-ion batteries are becoming more and more affordable due to the availability of raw materials. So, don't be shocked when you come across a cheap li-ion battery. Just check the features and ensure it's in great condition.