Lazard is a pretty respected analyst for energy costs. Here’s their report from June 2024.

In the U.S., peaker gas plants that are only fired up between 5-20% of the time, the levelized cost of electricity (LCOE) is between $110 to $230 per MWh. The levelized cost of storage for utility scale 4-hour storage ranges from $124-$226 per MWh, after subsidies. Before subsidies, that 4-hour storage costs $170-$296.

Residential storage, on the other hand, doesn’t come close. That’s $882 to $1101 before subsidies, or $653 to $855 after subsidies.

So in other words, utility scale storage has dropped down to around the same price as gas peaker plants, in the U.S., after subsidies.