US utility-scale solar, storage prices drop over 12% in past year, but supply chain worries loom: NREL

Read the full story at Utility Dive.

The installed cost of solar photovoltaic (PV) and battery storage systems continued to drop between 2020 and 2021 in the U.S., with utility-scale solar systems seeing a 12.3% price decline, according to a new report from the National Renewable Energy Laboratory (NREL). 

The cost of residential PV fell 3.3% and commercial rooftop PV systems dropped 10.7%, the report found. The calculations rely on a bottom-up model that accounts for all costs during installation, including hardware, sales prices and labor. 

The report found that balance of system costs – encompassing everything except the PV panel – had either increased or remained flat, but an overall 19% reduction in module cost drove the cost declines. A separate NREL report examined various types of PV technology and found potential cost savings for each.

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