The cost of solar photovoltaics has declined over the past two decades, but the driving mechanisms are not fully understood. Now, researchers examine the role of hardware and non-hardware features in cost reduction of photovoltaics and develop a model that could be used to understand cost reductions for other energy technologies.
In the 2030 global scenario, PV module prices are projected to be 0.14 USD/W in the United States, 0.61CNY/W in China, 0.09 EUR/W in the EU, and 23.97 JPY/W in Japan.
Yet, soft costs — the non-hardware expenses for solar PV installations, such as connection and permit fees — have represented a growing share of total costs, even as solar PVs have become more widespread and affordable. The mechanisms underlying the changes in soft costs over time remain not fully understood.
The findings show that advances in hardware features made the largest contribution to the overall cost reduction of solar PVs. The reduction in the soft costs has also been primarily driven by hardware improvements: more practical system designs might speed up installation, reducing labour or permit costs.
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