Rapid declines in battery costs are transforming the economics of renewable power, a new report by the International Renewable Energy Agency (Irena) asserts, adding that the co-location of batteries with new utility-scale solar PV is emerging as the default configuration. In 2025, battery costs fell faster than those of any other energy technology, with Irena estimating the installed cost of a four-hour utility-scale battery at $140/kWh – a decrease of close to 30% in a single year and around 95% since 2010.