Solar Market and Cost Analysis

System Price ($/Wdc) $5.0 Distributed PV System Pricing from Select States $4.5 $4.0 $3.5 $3.0 $2.5 $2.0 $1.5 $1.0 2.5-10 kW 10-100 kW 100-500 kW 500 kW - 5 MW $0.5 $0.0 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 2015 2016 2017 2018 2019 2020 2021 2022 • - From H2 2021 to H2 2022 (partial), the median reported distributed PV system price in Arizona, California, Massachusetts, and New York: Increased 4% to $4.25/Wdc for systems 2.5 to 10 kW Increased 9% to $3.76/Wdc for systems 10 to 100 kW Increased 4% to $2.44/Wdc for systems 100 to 500 kW Decreased 3% to $1.77/Wdc for systems 500 kW to 5 MW. These states constituted 54% of U.S. distributed PV deployment over the past 10 years. U.S. Distributed PV Deployment Over 10 y Other states, 46% California, 33% Arizona, 5% 2022 MW reported YTD: Arizona (186), California (1,232), Massachusetts (108), New York (711) Note: System prices above $10/W and below $0.75/W were removed from the data set. There were not enough reported prices for systems above 5 MW in the data set to show a trend over time. Sources: Arizona Goes Solar (1/17/23); California Distributed Generation (11/30/22); Massachusetts Lists of Qualified Generation Units (1/11/23); Solar Electric Programs Reported by NYSERDA (1/19/23); Wood Mackenzie & SEIA, US Solar Market Insight: Q4 2022 (12/22). New York, 8% Massachusetts, 8% NREL 25

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