WEMO24-Compiled Report-Interactive compressed (002) 4154-7882-8116 v.1 - Flipbook - Page 279
Market Data
Customers
ENERGY IN
THE REGIONS
The marginal increase in residential solar prices from 2020 to 2023 is mostly due to pandemicrelated supply chain disruptions and interest rates increase
FIGURE 4
Average PV System Price, USA | 2019-Q1’2024
HOME
Solar panel cost, average EV cost, average cost of electricity
• The price of solar panels has signi昀椀cantly
decreased over the past decade as the industry
has matured and achieved large-scale global
production
• The slight increase in residential solar pricing
from 2020 to 2023 is primarily due to supply
chain disruptions caused by the pandemic, as
well as the interest rates
All Figures in $/Watt
Q1’2024
Q1’2024
3.25
3.40
2023
• USA solar prices are anticipated to keep declining
in the coming years as new local manufacturing
facilities become operational
1.46
2023
1.62
• Globally prices to continue declining, with the
China manufacturing overcapacity
3.13
2021
2020
2019
3.00
2022
1.66
1.59
2021
2020
1.37
2019
2.92
Residential
Source: Solar Energy Industries Association (SEIA)
1.44
Commercial
WEMO 2024
3.30
279
2022
