Life Cycle Analysis of Energy Storage Technologies: A Comparative Study

Abstract

This study offers a thorough comparative analysis of the life cycle assessment of three significant energy storage technologies—Lithium Ion Batteries, Flow Batteries, and Pumped Hydro—evaluating their environmental, economic, and social aspects in a complete manner. When considering the environmental effect, it is evident that Lithium-Ion Batteries surpass Flow Batteries and Pumped Hydro in terms of carbon footprint, water use, and land utilization. Flow Batteries and Pumped Hydro exhibit significant decreases, ranging from 40% to 60%, showcasing their potential as ecologically sound alternatives with heightened sustainability advantages. From an economic standpoint, it can be confidently said that Flow Batteries and Pumped Hydro surpass Lithium-Ion Batteries in terms of both capital and operational expenses, resulting in a decreased Levelized Cost of Storage (LCOS). The examination of percentage change showcases significant decreases, ranging from 20% to 50%, underscoring the economic competitiveness of Flow Batteries and Pumped Hydro. Regarding societal consequences, Flow Batteries and Pumped Hydro exhibit a propensity for heightened job production, augmented community acceptability, and enhanced health and safety records in contrast to Lithium-Ion Batteries. The assessments of percentage change further underscore the societal benefits of Flow Batteries and Pumped Hydro, demonstrating a substantial increase of 40% to 100% in job creation, a notable rise of 6.25% to 12.5% in community acceptability, and a significant decrease of 50% to 75% in health and safety problems. These results jointly emphasize the comprehensive benefits of Flow Batteries and Pumped Hydro, indicating their potential as sustainable, cost-effective, and socially responsible energy storage options. Given the ongoing evolution of the energy landscape, the findings obtained from this research greatly enhance the ability of stakeholders and policymakers to make well-informed decisions in their efforts to design a more environmentally friendly and robust energy future. The study emphasizes the significance of taking into account not only the technological efficacy, but also the wider environmental, economic, and social circumstances when implementing energy storage technology.