PV and solar-plus-storage prices have risen year-on-year (YoY) within the US, in response to the annual worth benchmarking evaluation by the Nationwide Renewable Power Laboratory (NREL).
Utilizing 2021 costs, utility-scale PV techniques have been 6% dearer in Q1 2022 than the equal interval final 12 months, rising to US$0.99/Wdc, while utility-scale solar-plus-storage techniques rose 11% YoY to US$195 million. Standalone power storage prices rose 13%, as mentioned by PV Tech’s sister web site, Energy-Storage news.
The evaluation assumes a benchmark of 100MWdc for utility-scale photo voltaic initiatives, utilizing monofacial monocrystalline silicon modules with 20.3% effectivity. The solar-plus-storage benchmark provides a 60MWdc/240MWh battery to the standardised PV system.
The figures are primarily based on the NREL’s modelled market worth (MMP), which is the precise value a developer would anticipate to pay for an set up between Q1 2021 – Q1 2022.
A second mannequin, the minimal sustainable worth (MSP) was launched to minimise the influence of market fluctuations and uncertainties that occurred in Q1 2022, specializing in a sustainable and theoretical long-term worth mannequin.
By the MSP’s metrics, a utility-scale PV set up was US$0.87/Wdc, 14% decrease than the MMP benchmark. The MSP for solar-plus-storage techniques was 15% decrease than the MMP, at US$170 million.
In the meantime, residential and business PV techniques additionally noticed worth rises. Residential PV noticed a 2% enhance and business ground-mounted/rooftop noticed 8% in contrast with Q1 2021 counterparts.
Residential solar-plus storage techniques rose 6% YoY, however “a serious change in system configuration” between Q1 2021 and Q1 2022 made a comparability on business solar-plus-storage unviable, the report mentioned.
NREL acknowledged that, as a result of volatility of market occasions in Q1 2022, the predictions and findings of the benchmark examine don’t mirror all market stakeholders. Nicely-documented provide chain points within the US just like the AD/CVD tariff investigation, in addition to the worldwide power response to the Russian struggle in Ukraine and the failure of polysilicon provides to satisfy demand, contributed to the rise in general worth.
The benchmarking evaluation didn’t embody the introduction of the Inflation Discount Act in August, which earmarks US$369 billion for decarbonisation efforts.
