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Residential solar costs remain higher due to smaller scale and soft costs, typically ranging from $117-282 per MWh. However, residential installations benefit from avoided retail electricity rates, improving their economic proposition for homeowners. Key factors influencing solar costs include:
Average price of solar modules, expressed in US dollars per watt, adjusted for inflation. Data source: IRENA (2025); Nemet (2009); Farmer and Lafond (2016) – Learn more about this data Note: Costs are expressed in constant 2024 US$ per watt.
If we forecast pricing to 2030, it is expected that the price of Solar energy will fall another 30% from 2020 pricing, and the cost of wind power should fall another 11% from 2020 pricing as well. Meanwhile, the cost of Nuclear, Coal and Gas is expected to increase during the same time period.
At the same time, geothermal energy production cost $66 to $109 per MWh, while the cost of onshore wind energy and solar photovoltaic energy at the utility level ranged from under $40 to just $86 and $78 per MWh, respectively. Offshore wind enery costs ran a little higher, at between $70 and $157 per MWh.
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