Solar photovoltaic (PV) technologies have achieved various levels of commercialization since the initial deployment of crystalline silicon PV systems in the 1950s. As costs have decreased and government incentives and mandates have proliferated, applications now span off-grid and grid-connected homes, commercial buildings, and utility-scale, ground-mounted systems. As solar PV continues to increase as a percentage of overall domestic and global electricity generation, integrated resource planners and project developers need accurate technical information such as current costs and performance data to support business decisions.
This report provides solar generation cost and performance information to guide generation planning and project feasibility studies for various solar energy technologies. Updated third-quarter (Q3) 2023 cost and performance analyses are presented for several solar PV technologies including monofacial and bifacial crystalline silicon, thin film, and TOPCon modules and fixed-tilt and single-axis tracking mounting systems. The performance of each technology is assessed for eight locations that vary in solar resource availability and weather conditions. Capital and operations and maintenance (O&M) cost estimates are broken down to show key equipment, labor, balance of plant (BOP), and soft cost components. From these results, the nominal-dollar levelized cost of electricity (LCOE) for each technology in each location is calculated.