Residential Solar PV Price Index – February 2015

Average prices for residential solar systems have dropped slightly since last month. Over all, system prices have dropped by about 25% compared to August 2012 levels. Currently, the average cost of a residential solar system (1.5kW – 10kW) is approximately $1.81/W; 2.5 years ago, it was about $2.40/W.

Examining the historic prices for the various popular system sizes, it is possible to see that the price declines were not distributed evenly (see table below). 4kW and 5kW systems have seen the sharpest decline since Solar Choice began keeping track. 10kW system prices may have dropped even more dramatically, but our reliable data for pricing on systems of this size only goes back as far as December 2013 – since which time there has been a 17% drop. Interestingly, 1.5kW system prices have hardly changed.

System size Percentage price decline (average) Since…
1.5kW  4%  August 2012
2kW  15%
3kW  20%
4kW  31%
5kW  35%
10kW  17%  December 2014

February 2014 average solar PV system prices

All prices in the table below include the federal STC incentive which installers ordinarily include in final system prices. GST is also included.

Residential solar system prices average February 2015

Solar system prices for February: Dollar-per-watt averages, highs & lows

Residential solar system prices per watt February 2015

About STCs

STCs accounted for a price reduction of approximately 70c/W for Zone 3 cities (Sydney, Canberra, Perth, Adelaide, and Brisbane), and around 64c/W for Melbourne & Tasmania.

Historic solar PV system prices (since August 2012)

1.5kW solar system prices February 2015 2kW solar system prices February 2015

Residential 3kW solar system prices historic February 2015 4kW solar system prices February 2015 5kW solar system prices February 2015 10kW solar system prices February 2015

Indexed $/W solar system prices (Historic)

The chart below provides an at-a-glance look at solar PV system pricing trends since September 2012. Data points are the average of average $/W for each system size (1.5kW-5kW until Nov 2013, then also including 10kW from Dec 2013).

Residential solar system prices index February 2015

About this data

Tables and charts included in this article were compiled using data from Solar Choice’s installer network database, which contains regularly-updated pricing and product details from over 125 solar installation companies across Australia. Prices do not ordinarily incorporate meter installation fees or additional costs for difficult installations. The discount available to Solar Choice customers is also excluded from calculations, as are prices for ‘premium’ installer offerings. Except in the final chart, average pricing figures for all of Australia are not weighted.

About Solar Choice

Solar Choice provides an impartial solar energy Quote Comparison service for Australian consumers by delivering market transparency from a network of over 100 leading installers nation-wide. Since 2008, we’ve delivered our free Solar Quote Comparisons to over 90,000 Australian households. Solar Choice’s commercial wing, Solar Choice Commercial, compares the market for systems from 30kW to 100kW, and manages tenders for projects up to 2MW. Solar Choice also develops its own very large-scale solar farm projects.

© 2015 Solar Choice Pty Ltd