Solar Morning Spotlight (6/11): BESS Price Trajectory, NEM Challenge Denied

Research evidence excerpt

Solar Morning Spotlight (6/11): BESS Price Trajectory, NEM Challenge Denied

Equity Research

Industry Update — June 11, 2026

Clean Energy

Solar Morning Spotlight (6/11): BESS Price

Trajectory, NEM Challenge Denied

Our Call Praneeth Satish

Channel check with ute-scale solar & BESS developer points to domestic BESS capex in Equity Analyst | Wells Fargo Securities, LLC

Praneeth.Satish@wellsfargo.com | 212-214-8056

$170-260/kWh range today with potential to fall to $160-200/kWh in medium term. CA

Michael BlumSupreme Court permanently denies long-shot bid to restore resi solar NEM.

Equity Analyst | Wells Fargo Securities, LLC

Michael.J.Blum@wellsfargo.com | 212-214-5037

Domestic BESS Project Capex Ranging $170-260/kWh. From a channel check with a US Ned Baramov, CFA

ute-scale solar & BESS developer: domestic BESS packs are trending in the $110-160/ Equity Analyst | Wells Fargo Securities, LLC

kWh range for 4-hour storage and construction, and ancillary costs have dropped to the Ned.Baramov@wellsfargo.com | 212-214-8021

$60-100/kWh range, for all-in costs of $170-260/kWh, with larger projects trending Eric Shiu

toward bottom of range due to scale. These prices are competitive with landed Chinese Associate Equity Analyst | Wells Fargo Securities, LLC

BESS because of 50-100% higher costs due to tariffs and tax credit constraints. Eric.Shiu@wellsfargo.com | 212-214-5038

Jack Farrell, CFA

How Low Can Domestic BESS Prices Go? The developer believes domestic BESS packs Associate Equity Analyst | Wells Fargo Securities, LLC Jack.L.Farrell@wellsfargo.com | 212-214-8012

could fall below $100/kWh in the medium term, but likely won't reach the $60-80/kWh

range of large global suppliers like BYD, CATL or Gotion (not covered). We believe an