Cost Of Solar Panels Over Time Graph

Over a decade ago in 2009 the cost of a solar panel installation was 8 50 per watt.

Cost of solar panels over time graph.

However solarreviews handles more than 1 000 quote requests per day and the current average price we see on our marketplace is 2 64 per watt. In just 40 years the price of solar panels has dropped by 99 2. A standard 6 kw residential solar system has dropped from 44 000 down to 15 200 over the past decade not including the federal solar tax credit. The solar industry today looks very different.

This data has been stitched together from reports by seia and nrel. Utility scale solar power could in 2011 be delivered in california at prices well below 100 mwh 0 10 kwh less than most other peak generators even those running on low cost natural gas. Lower solar module costs also stimulate demand from consumer markets where the cost of solar compares very favourably to retail electric rates. In 1977 solar panels cost 77 per watt making our 0 64 per watt today seem dirt cheap.

What range of costs should you expect to see in quotes for a solar panel system. Cost of solar panels over time. The most recent official data from the doe funded lawrence berkeley labs published in september 2019 found that the median cost of residential solar panels is 3 70 watt. Lastly here s some context on the historical price of solar power systems over the past 20 years.

The average cost of solar panels has gone from 76 67 watt in 1977 to just 0 698 watt today the second figure is according to pvinsights and is even lower than the 2013 projected price in the chart below. Ten years ago a residential photovoltaic system could cost more than 50 000 00. Panel prices increased about 20 in early 2018 about the same time that the us took steps to implement tariffs on imported solar panels but since then have resumed their downward trajectory. Usually range from 11 144 to 14 696 after solar tax credits and the average price per watt for solar panels ranges from 2 51 to 3 31.

A tale of falling prices. 10 cost of solar panels cost of solar power charts. The average cost of solar panels has fallen 65 from 7 34 per watt in 2010 to 2 53 per watt in 2019. Cost of solar panels over time.

This graph from bloomberg bnef shows the stark difference in pricing between 1977 and today. National data september 2020. With higher efficiency government incentives and improved technology the prices of residential solar panels continued to plummet particularly over the past decade. This chart shows the average cost to install a residential solar power system for every year dating back to 1998.

In addition to solar panel efficiency increasing dramatically solar panel producers have significantly improved their manufacturing processes. Solar panel costs for an average sized installation in the u s. How does system size impact the cost of solar. Average solar panel cost.