Low solar module prices kept solar PV competitive in the energy market in 2023 despite generally falling electricity prices, according to the latest Photovoltaic Power Systems Programme (PVPS) snapshot report from the International Energy Agency (IEA).
The high power prices that fueled the solar expansion that the world saw in 2022—driven primarily by the war in Ukraine—levelled off in 2023. However, rather than lessening solar’s business case as the cheapest form of renewable energy, the dramatic decline in solar module prices—as well as favourable legislation in many countries—kept installations on track.
