Solar system costs are falling across the United States, primarily driven by lower prices for solar panels, according to research firm Wood Mackenzie.
The price of residential solar systems made with silicon crystal panels is expected to decline 17 percent from 2020 to 2025, according to Wood Mackenzie.Â The utility scale version is expected to decrease in price by 20 percent during the same period.
As the price of solar panels falls, Wood Mackenzie predicts developers will turn their attention to lowering other costs. That includes the so-called “soft cost” of marketing to acquire customers in the residential market which has been a huge barrier to lowering overall costs.
Other cost reductions likely to be a focus of developers include lowering the price of permitting and inspections, according to the study.