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The United States Energy Information Administration (“EIA”) published a November 3rd report titled:
Average U.S. Construction Costs Drop for Solar, Rise for Wind and Natural Gas Generators (“Report”)
The EIA Report concluded that construction costs for the following types of energy generators decreased or increased as follows from 2019 to 2020:
- Solar photovoltaic systems decreased 8 percent
- Wind turbines increased 8 percent
- Natural gas-fired generators increased 4 percent
The Report is referencing newly constructed utility-scaled electric generators. The data is generated by EIA’s Annual Electric Generator Report.
The Report also notes that solar, wind, and natural gas accounted for over 95 percent of the capacity added to the United States electric grid in 2020. Further, investment in new electric generating capacity increased by 40% in 2020 compared with 2019.
The reasons stated for the decrease in solar photovoltaic systems involved:
- 17 percent drop in the construction costs for cadmium telluride tracking panels
- 13 percent drop in the construction costs for crystalline silicon fixed-tilt panels
A copy of the Report can be downloaded here.
