The costs to install solar photovoltaic (PV) systems continued to decline in the first quarter of 2016 in the U.S. residential, commercial, and utility-scale sectors, according to the latest benchmarks from the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL).
The cost reductions were attributed to lower module and inverter prices, lower installer and developer overheads, improved labor productivity, optimized system configurations and a general increase in competition.
“The continuing total cost decline of solar PV systems demonstrates the sustained economic competitiveness of solar PV for the industry across all three sectors,” says NREL Senior Analyst and Project Lead Ran Fu.
To view the full report, please visit U.S. Solar Photovoltaic System Cost Benchmark Q1 2016.