The complexity of energy storage technology and different application scenarios pose huge challenges to the cost evaluation of energy storage solutions. Therefore

the cost evaluation of energy storage solutions needs to be based on the levelized cost of electricity

that is

the cost of energy storage technology per unit of electricity discharged is quantified. This article focuses on three large-scale energy storage application systems

such as pumped water storage

compressed air energy storage and LiFePO4 battery energy storage. Combining with the full life cycle analysis of the energy storage system

this paper calculates the full life cycle cost of the energy storage system

which may provide objective and unified standard for the cost evaluation of different energy storage solutions. The work of this paper can also help guide the development and innovation of energy storage systems

and ensure that energy storage systems gain the best economic benefits during the entire life cycle.