In 2019, U.S. shipments of solar photovoltaic (PV) modules, also referred to as solar panels, reached a record-high 16.4 million kilowatts (kW), 2.9 million kW more than the previous record of 13.5 million kW set in 2016. Solar PV module shipments include imports, exports, and modules produced and sold domestically, but they exclude modules shipped for resale. These shipments have steadily increased since 2006, driven by significant price declines and policy incentives that encourage solar PV installation.
The cost of PV modules has declined significantly since 2006, helping drive the growth of solar module shipments. The average value of solar PV module shipments, a proxy for price, decreased from $3.50 per peak watt in 2006 to $0.40 per peak watt in 2019.
Higher module efficiency, greater labor productivity, and lower supply chain costs are largely responsible for the declines in the average value of solar PV modules. Recent declines in the price of modules and components that started in mid-2016 are related, in part, to both global oversupply resulting from decreased demand in China and increased cost-competitiveness within the industry.

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