Solar PV system costs in the US are falling faster than anticipated across all market segments, primarily driven by module price reduction, according to new research from Wood Mackenzie.
According to research firm Wood Mackenzie, the next decade is set to deliver more of the same for solar PV. Costs will continue to fall, though slower than before, and the diversification of the global market will continue at pace.
Wood Mackenzie Power & Renewables and the Solar Energy Industries Association (SEIA) announced on May 9 that the U.S. is now home to more than 2 million solar PV installations. The mark comes just three years after the industry completed its 1 millionth installation, a feat that took 40 years to accomplish.