NREL analyzes the total costs associated with installing photovoltaic (PV) systems for residential rooftop, commercial rooftop, and utility-scale ground.
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The last decade has shown a sharp, though now steadying, decline in costs, driven largely by photovoltaic (PV) module efficiencies (now 19.5%, up from 19.2% in 2019) and hardware and inverter costs. Since 2010,
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systems. Section 11 presents the results of our operations and maintenance (O&M) cost analysis. Section 12 uses our capital cost and O&M cost results to calculate the levelized cost of electricity (LCOE) for PV and PV-plus-storage systems. Section 13 offers a summary and conclusions.
The International Energy Agency (IEA) reported that in 2023, 407–446 gigawatts direct current (GW dc) of photovoltaics (PV) was installed globally, bringing cumulative PV installs to 1.6 terawatts direct current (TW dc). China continues to dominate the global market, representing ~60% of 2023 installs, up 120% year-over-year (y/y).
In the top panel of Figure 5, the high 2022 preconstruction survey material cost of $45 per acre is excluded, and the remaining 2017–2021 costs ($19, $22, $23, $24, and $35 per acre) are averaged to yield an MSP for this component of $24 per acre.
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