Batteries have also been hit by inflation. BNEF said late last year that it expected prices for battery packs to climb this year for the first time in data going back to 2010. The 2.3% increase can be blamed on soaring prices for the metals batteries contain, booming demand worldwide and strained supply chains.

But compared with wind and solar, batteries are a much newer part of the clean-energy landscape. Suppliers are still experimenting with new chemistries and ramping up production capacity, which means there’s still room for more significant price cuts.

Fluence Energy Inc., a grid-scale storage developer, has seen delays and increased costs to ship batteries from its contract manufacturing facility in Vietnam, but the company doesn’t expect that to last.

“This backlog that has been created is really being worked through,” said Chief Financial Officer Dennis Fehr.

While some of the supply-chain issues bedeviling renewables developers are easing, George Bilicic, head of global power, energy and infrastructure for Lazard Ltd., said the industry is undergoing permanent changes. Without any new technological breakthroughs or major consolidation, prices are stabilizing.

“The story about big cost declines is that large cost declines won't be the story anymore," Bilicic said.