Evolution of solar PV module cost by data source,
Evolution of solar PV module cost by data source, 1970-2020 - Chart and data by the International Energy Agency.
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Let's take a look at how solar panel cost and efficiency have changed over time. Solar panels are about 60% cheaper and 40% more efficient than they were in 2010. Solar panels in 2010 cost about $8.70 per watt and were about 15% efficient. Today, solar panels cost about $3.00 per watt on average and are between 19% and 22% efficient.
Data from the National Renewable Energy Laboratory (NREL) documented that residential solar panel installations cost about $8.70 per watt in 2010, meaning the average 6 kilowatt (kW) solar installation in 2010 cost about $52,200 before any incentives.
Photovoltaic cost data between 1975 and 2003 has been taken from Nemet (2009), between 2004 and 2009 from Farmer & Lafond (2016), and since 2010 from IRENA. Prices from Nemet (2009) and Farmer & Lafond (2016) have been converted to 2024 US$ using the US GDP deflator, to account for the effects of inflation.
Though solar PV module prices are likely to continue to fall in line with Swansons Law, they've already fallen to 0.49 $/W and only make up 15% of the installation cost of solar panels. As we move forward any further significant drops in cost would need to come from one of the other price components.
Evolution of solar PV module cost by data source, 1970-2020 - Chart and data by the International Energy Agency.
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The price of solar panels over time Data from the National Renewable Energy Laboratory (NREL) documented that residential solar panel installations cost about $8.70 per watt in 2010, meaning the
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Solar photovoltaic module prices refer to the cost of the solar panel itself, and do not include installation or other system components. Prices are compiled from three sources: Nemet
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