Documenting 15 Years of Reductions in U.S. Solar Photovoltaic System Costs

The U.S. Department of Energy's (DOE) Solar Energy Technologies Office (SETO) has played a key role in reducing PV system costs by supporting essential and high-impact research, development, and deployment (RD&D) activities. SETO's efforts go beyond improving technology and hardware innovations to tackle soft costs like installation labor, permitting, and customer acquisition. This holistic focus ensures that solar energy remains a viable, scalable solution for combating climate change and achieving the nation's clean energy goals. This National Renewable Energy Laboratory's (NREL) report highlights over a decade of transformative advancements in PV system technology and its cost reductions from 2010 to 2024, documenting a remarkable trajectory in line with the goals set forth by SETO. By analyzing benchmark configurations across different photovoltaic (PV) sectors over years, this work provides industry stakeholders with a comprehensive understanding of cost trends and their impact on Levelized Cost of Energy (LCOE) targets established under the 2010 SunShot Initiative.