What is solar photovoltaic (PV) energy & storage?

Solar photovoltaic (PV) energy and storage technologies are the ultimate, powerful combination for the goal of independent, self-serving power production and consumption throughout days, nights and bad weather.

How much does photovoltaic energy cost?

The photovoltaic energy cost price is estimated at about 5 cents per kWh over the lifetime of the plant, compared to an average energy cost of between 11 and 17 cents per kWh today for a business, depending on its level of annual consumption from its supplier.

Are residential PV systems cheaper than last year?

Compared to last year's report, modeled market prices for installed residential PV systems were 15% lower this year.

What are the 2022 PV and energy storage benchmarks?

These benchmarks are bottom-up cost estimates of all aspects of PV and energy storage system installations. Many of the trends that characterized the 2022 benchmarks—including high and volatile component prices and competition for limited supplies—appeared to lessen in 2023.

What is NREL's new bottom-up PV and storage cost model?

For this year's benchmark report, the Solar Energy Technologies Office developed a new bottom-up PV and storage cost model with NREL analysts to make the benchmarks simpler and more transparent—while expanding the model to address components not previously benchmarked.

How does the production tax credit affect PV systems?

The cost of any PV system—residential, commercial, or utility-scale—that uses domestically produced components is likely to be affected by the production tax credit. At one extreme, a U.S. manufacturer who receives the credit could pass the entire value to the buyer as a lower component price.