The price of #photovoltaic (PV) modules has been declining steadily in recent years, and this trend is expected to continue in 2023. There are a number of factors contributing to this decline, including:
Oversupply: The global #PVmarket is currently oversupplied, with more modules being produced than can be installed. This has led to a decrease in prices.
Improved technology: #PVtechnology is constantly improving, which is making modules more efficient and less expensive to produce.
Government policies: Many governments are providing incentives for solar energy, which is driving demand and helping to keep prices low.
The decline in PV module prices is good news for the solar industry, as it makes solar energy more affordable for businesses and homeowners. It is also a positive development for the environment, as solar energy is a clean and renewable source of energy.
According to a report by BloombergNEF, the average price of a PV module in 2023 is expected to be $0.18 per watt, down from $0.22 per watt in 2022. This decline is expected to continue in the coming years, and the price of PV modules could reach $0.10 per watt by 2030.
The decline in PV module prices is being driven by a number of factors, including:
The increasing production capacity of Chinese PV manufacturers.
The falling cost of raw materials, such as silicon.
The development of new and more efficient PV technologies.
The decline in PV module prices is making solar energy more affordable and accessible for businesses and homeowners. This is good news for the environment, as solar energy is a clean and renewable source of energy that can help to reduce our reliance on fossil fuels.
Author: Abdurrahman Habib
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