Photovoltaic System Pricing Trends

Note: The reported system price for the residential market is the median price reported for systems less than or equal to 10 kW.

The modeled residential system price represents a ~5 kW system. The reported system price for the commercial market is the

median price reported for commercial systems greater than 100 kW. The modeled commercial system price represents a ~200 kW

rooftop system. The reported system price for the utility-scale market is the capacity-weighted average reported price for ground-

mounted systems greater than or equal to 5 MW in size, with a capacity-weighted average project size of 150 MW in 2013. The

modeled system price of utility-scale systems represents a ~175 MW fixed-tilt ground-mounted system. Modeled system prices for

all sectors are representative of bids issued in the fourth quarter of the previous year. The Global Module Price Index is the

average module selling price for the first buyer (P Mints SPV Market Research).

$10

$12

2007 2008 2009 2010 2011 2012 2013 2014P 2015P 2016P

2013$/W

Installation Year

Analyst Expectations, Distributed PV

Analyst Expectations, Utility-Scale