Are Solar Panel Prices Falling

Solar power is dropping faster than expected as the coronavirus stifles demand according to a report from wood mackenzie.

Are solar panel prices falling.

Solar panel prices continue falling quicker than expected cleantechnica exclusive february 11th 2018 by zachary shahan solar power prices have been dropping faster than people expected even. The solar price slump solar energy is becoming much cheaper all over the world according to a gtm research study by solar analyst ben gallagher. The solar industry even has its own name swanson s law for the falling price of solar panels. The dramatic drop in the cost of solar photovoltaic pv modules which has fallen by 99 percent over the last four decades is often touted as a major success story for renewable energy technology.

The cost of u s. Since 1977 the cost of a new solar system has dropped significantly. The research group says that the global benchmark levelized cost of electricity lcoe for onshore wind and utility scale pv has fallen 9 and 4 respectively since the second half of 2019 to. A system that used to cost 76 77 a watt now costs a mere 3 74 a watt or less.

When you look at more specialized panels that are manufactured in lower quantities the price climbs up above 2 watt. One of the challenges is bringing people up to speed about today s prices. It is unlikely that we will see steep or sudden falls in pricing again because at the wholesale level individual solar panels are now only in the range of 0 40 per watt to 1 10 per watt depending on the quality of the brand of solar panel. Residential system prices will fall 17 over the next.

That s an incredible price drop and one that the solar industry is actively working to make consumers aware of. Solar system costs in 2020 grid tied. Popularized in a 2012 article in the economist swanson s law states that solar panel prices tend to decrease by 20 for every doubling of worldwide panel shipments. But one question has never been fully addressed.

What exactly accounts for that stunning drop.