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In 2022, the average installed cost of solar PV systems stood at 876 U.S. dollars per kilowatt. Likewise, the levelized cost of electricity (LCOE) for solar photovoltaics has seen a similar trend over the past decade. Solar cells, also known as photovoltaic (PV) cells, can absorb sunlight and convert it into electrical energy.
Data are taken from the Microgeneration Certification Scheme - MCS Installation Database. For enquiries concerning this table email [email protected]. Small scale solar PV cost data for 2023-2024 published. Small scale solar PV cost data for 2022-2023 published. Small scale solar PV cost data for 2021-2022 published.
Where you’re based in the country can have a significant impact on solar PV prices. According to the MCS data, costs are generally highest in England (£2,227 per kW in 2023, measured over 104,000 installs) and lowest in Northern Ireland (£1,518 per kW across 1,316 installs).
The biggest factor for solar panel costs will be the size of the PV system you specify. The MCS collates data for certified installs across England, Scotland, Wales and Northern Ireland. This shows that, so far in 2023 (up to the end of September), the typical price per kW of installed solar PV in domestic properties was £2,193.
The average cost of a 3kWp solar panel system for a typical property with two or three bedrooms is about £9,000, including installation. This jumps up to around £11,000 if you’re adding a 5kWh battery. This is a great time to get a solar & battery system, as there’s currently 0% VAT on both panels and batteries.
This shows that, so far in 2023 (up to the end of September), the typical price per kW of installed solar PV in domestic properties was £2,193. Back in 2021, the average cost was just £1,661 per kW. So, solar panel costs have risen significantly, reflecting general construction sector inflation.
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IRENA provides data and analysis on the costs of solar energy, highlighting trends and developments in solar power generation.
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