July 16, 2013

Photovoltaic System Pricing Trends:

Historical, Recent, and Near-Term Projections

2013 Edition

David Feldman1, Galen Barbose2, Robert Margolis1, Naïm Darghouth2, 

Ted James1, Samantha Weaver2, Alan Goodrich1, and Ryan Wiser2

1National Renewable Energy Laboratory

2Lawrence Berkeley National Laboratory

NREL is a national laboratory of the U.S. Department of Energy, Office of Energy 

Efficiency and Renewable Energy, operated by the Alliance for Sustainable Energy, LLC.

PR-6A20-60207
Contents

2

• Introduction and Summary

• Historical and Recent Reported Prices

• Recent Prices from Bottom-Up Cost Analysis

• Comparison Between Reported and Bottom-Up Price Estimates

• Near Future Price Trends

• Conclusion
• There exists a need for reliable and comprehensive information on 

PV system pricing

• Rapid market growth and changes to PV system pricing in recent years

• Policy support for PV deployment premised on stimulating cost reductions 

through market scale and development

• DOE SunShot Initiative seeks to reduce PV system prices 75% over the 

2010-2020 period.

• This briefing provides a high-level overview of historical, recent, and 

projected near-term PV system pricing trends in the United States, 

drawing on several ongoing research activities at LBNL and NREL:

• LBNL’s annual Tracking the Sun report series

• NREL’s bottom-up PV cost modeling

• NREL’s synthesis of PV market data and projections.

Introduction

3
• Reported pricing data that, among ~50,000 PV systems installed in 2012: 

• Res. and small com. (≤10 kW) was $5.30/W (median)

• Large com. (>100 kW) was $4.62/W (median)

• Utility-scale (crystalline, fixed-tilt, >2 MW) was $3.35/W (capacity weighted average).

• Modeled overnight capital cost for systems quoted in Q4 2011 (expected to be installed in 2012):

• Residential (5.1 kW) was $4.22/W

• Commercial (221 kW) was $3.22/W 

• Utility-scale (191.5 MW) was $2.50/W.

• Delta between reported pricing and modeled cost is due to various factors, such as inefficient 

pricing, timing, geographic location, and project specifics.

• Reported installed prices of residential and commercial PV systems declined 6%–7% per year, on 

average, from 1998–2012, and by 6%–14% from 2011–2012, depending on system size.

• In near future analysts expect system prices to continue to fall, but for module prices to stabilize 

(Module ASP projected to be between $0.50/W - $0.75/W by 2014 ).

• Modeled overnight capital cost for systems quoted in Q4 2012 (expected to be installed in 2013):

• Residential (5.1 kW) was $3.69/W, a reduction of 13% from Q4 2011 

• Commercial (222.5 kW) was $2.61/W, a reduction of 19% from Q4 2011

• Utility-scale (192.8 MW) was $1.92/W, a reduction of 23% from Q4 2011.

Executive Summary

Note: All PV installed price data are reported in terms of real 2012 dollars per Watt-DC. 4
Reported, Bottom-Up, and Analyst-Projected 

Average U.S. PV System Prices over Time 

5

Note: The reported system price for the residential market is representative of the median price reported for systems less than or equal to 10 kW in size. The modeled 

residential system price represents a ~5 kW system. The reported system price for the commercial market is representative of the median price reported for systems 

greater than 100 kW in size. The modeled commercial system price represents a ~220 kW rooftop system. The reported system price for the utility-scale market 

represents the capacity-weighted average reported price for ground-mounted systems greater than 2 MW in size, with an average project size of 16.4 MW. The 

modeled system price of utility-scale systems represents a ~190 MW fixed-tilt ground-mounted system. Bottom-up system prices are representative of bids by an 

installer in the fourth quarter of the previous year. The Global Module Price Index is the average module selling price for the first buyer (P Mints SPV Market Research).

$0

$2

$4

$6

$8

$10

$12

$14

$16

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 P2014 P

2012$/WDC

Installation Year

Analyst Expectations, Distributed PV

Analyst Expectations, Utility-Scale

Reported System Price, Residential (Median)

Reported System Price, Commercial (Median)

Reported System Price, Utility (Cap-Wtd. Avg.)

Modeled System Overnight Capital Cost, Residential

Modeled System Overnight Capital Cost, Commercial

Modeled System Overnight Capital Cost, Utility

Analyst Expectations of Module Price

Global Module Price Index
Contents

6

• Introduction and Summary

• Historical and Recent Reported Prices

• Recent Prices from Bottom-Up Cost Analysis

• Comparison Between Reported and Bottom-Up Price Estimates

• Near Future Price Trends

• Conclusion
 Derived from project-level data reported for residential, commercial, and 

utility-scale PV systems installed through year-end 2012, with a limited set of 

results presented for the first half of 2013

 Distributed PV: 47 PV incentive programs spanning 24 states provided projectlevel installed price data for PV systems funded through current and previous 

programs

 Utility-scale PV: Data sourced from Section 1603 Grant Program, FERC Form 

1, SEC filings, company presentations, trade press articles

 All projects for which the reported installed price was deemed likely to 

represent an appraised value rather than an actual transaction price were 

eliminated from the data sample

 Final cleaned data sample consists of >200,000 PV systems totaling 4.7 GW of 

installed capacity; represents approximately 65% of all grid-connected PV 

capacity installed in the United States through 2012 and about 50% of all 2012 

capacity additions.

Data Sources and Methodology for 

Reported Installed Prices

7
Median Reported Installed Price of Residential and 

Commercial PV Systems over Time

8

• Since 1998, installed PV system prices have fallen by 6-7% per year on average

• From 2011 to 2012, installed prices fell by $0.88/W (14%) for systems ≤10 kW and by 

$0.30/W (6%) for systems >100 kW

• By comparison, global annual average module prices fell by $0.52/W from 2011-2012.

Note: Median installed prices are shown only if 15 or more observations are available for the individual size range. The Global Module Price Index is the average 

module selling price for the first buyer (P Mints SPV Market Research).

$0

$2

$4

$6

$8

$10

$12

$14

1998

n=34

0.2 MW

1999

n=165

0.8 MW

2000

n=186

0.8 MW

2001

n=1,308

6 MW

2002

n=2,449

18 MW

2003

n=3,461

31 MW

2004

n=5,626

44 MW

2005

n=5,754

64 MW

2006

n=8,887

91 MW

2007

n=12,936

133 MW

2008

n=14,165

241 MW

2009

n=24,664

288 MW

2010

n=36,780

494 MW

2011

n=42,397

878 MW

2012

n=49,717

940 MW

Installed System Price and 

Global Module Price Index (2012$/WDC)

Installation Year

≤10 kW

10-100 kW

>100 kW

Residential & Commercial PV 

(Median Values)

Global Module Price Index
Preliminary Price Trends for Systems 

Installed in 2013: A Focus on California 

9

• Data from the California Solar Initiative (CSI) program show that installed prices have 

continued to fall into 2013

• Median installed prices in CSI fell by roughly $0.53-0.77/W (10-15%) during the first half 

of 2013, relative to 2012, across the three size ranges shown.

$5.69 $4.97 $5.30 $4.77 $5.00 $4.23

$0

$1

$2

$3

$4

$5

$6

$7

$8

≤10 kW 10-100 kW >100 kW

Installed Price (2012$/WDC)

2012 2013 (H1)

CSI Program

(Median Values)
Variation in Installed Price by System Size: 

Residential and Commercial PV Systems in 2012

10

• Installed prices exhibit clear economies of scale, with the median installed price for the 

largest commercial systems 38% lower than for the smallest residential systems (and 

lower installed prices for utility-scale PV, as shown on later slides)

• Scale economies are especially pronounced at the small end of the size spectrum

• Substantial variability in installed prices exists within each size range, reflecting regional, 

local, project/site-specific, and installer-specific drivers.

$7.12 $5.56 $5.10 $4.94 $4.90 $4.64 $4.64 $4.54 $4.44

$0

$2

$4

$6

$8

$10

≤2 kW

n=1,986

3 MW

2-5 kW

n=17,668

64 MW

5-10 kW

n=21,931

154 MW

10-30 kW

n=5,389

77 MW

30-100 kW

n=1,314

72 MW

100-250 kW

n=687

109 MW

250-500 kW

n=429

151 MW

500-1000 kW

n=200

138 MW

>1000 kW

n=113

173 MW

Installed Price (2012$/WDC)

System Size Range (kWDC)

Residential & Commercial 

PV Systems Installed in 2012

(Median and 20th/80th Percentiles)
Variation in Installed Price by State:

Residential and Small Commercial (≤10 kW) PV in 2012 

11

• The median installed price differs by roughly $2.0/W between the lowest- and highestpriced states, though similar variability also exists within individual states

• California, a relatively high cost state, pulls the overall sample median upward

• Installed price differentials across states reflect a wide array of potential factors: market 

size and maturity, incentive levels, regulatory costs, sales tax, and others.

Note: Numbers in parentheses below each state indicate the number of observations; median installed prices are shown only if 15 or more observations are available 

for a given state. CO and MN data are based on aggregated statistics provided the PV program administrator rather than project-level data.

$3.9 $4.1 $4.6 $4.6 $4.6 $4.7 $4.8 $4.8 $5.0 $5.0 $5.0 $5.1 $5.1 $5.2 $5.3 $5.4 $5.7 $5.7 $5.7 $5.8 $5.9

$0

$2

$4

$6

$8

$10

TX

(803)

CO

(2,431)

NJ

(3,320)

NH

(175)

FL

(33)

DC

(234)

AZ

(5,010)

NV

(52)

PA

(501)

VT

(378)

MD

(431)

MA

(2,733)

OR

(1,114)

CT

(226)

NM

(684)

NY

(1,246)

MN

(112)

CA

(24,094)

NC

(344)

IL

(105)

WI

(99)

Installed Price (2012$/WDC)

State (Sample Size)

Systems ≤10 kWDC Installed in 2012

(Median and 20th/80th Percentiles)
Variation in Installed Price by State:

Large Commercial (>100 kW) PV Systems in 2012

12

• A large disparity in median installed price ($2.9/W) between the lowest- and highestpriced states also exists among large commercial systems (though some caution is 

warranted, given small sample sizes)

• Partly reflects differences across states in customer segments (e.g., roughly 2/3rds of CA 

large commercial projects in 2012 were government/non-profit).

Note: Numbers in parentheses below each state indicate the number of observations; median installed prices are shown only if 15 or more observations are available 

for a given state. CO data are based on aggregated statistics provided by the PV program administrator rather than project-level data.

$3.21 $3.70 $3.97 $3.99 $4.15 $4.49 $5.01 $6.12

$0

$2

$4

$6

$8

CO

(19)

PA

(26)

MA

(121)

NC

(63)

NV

(16)

NJ

(489)

CA

(546)

AZ

(119)

Installed Price (2012$/WDC)

State (Sample Size)

Systems >100 kWDC Installed in 2012

(Median and 20th/80th Percentiles)
Installed Price Data for Utility-Scale PV: 

Important Notes and Caveats

13

• Utility-scale PV is defined as ground-mounted systems ≥2 MW, regardless of 

whether electricity is delivered to utility or customer

• Analysis considers only entire projects (not individual phases)

• Project sample consists of 191 fully operational projects installed through yearend 2012, totaling roughly 1,600 MW (~70% of U.S. total)

• A few important caveats: 

• Small sample size that includes many 2-10 MW systems as well as a number 

of larger “one-off” projects with atypical characteristics

• Lag in component pricing and market conditions between the time that a 

project was contracted and when it was installed

• Data reliability is somewhat mixed depending on the data source available 

for any individual project 

• Focus is on installed price rather than levelized cost of electricity, and thus 

ignores performance differences across system configurations.
Installed Price of Utility-Scale PV Projects 

Over Time 

14

• Capacity-weighted average installed price was $3.35/W for crystalline, fixed-tilt projects 

installed in 2012, down from $3.59/W in 2011, a 7% decline YoY

• Capacity-weighted average installed price was $3.60/W for crystalline tracking systems 

and $3.23/W for thin-film, fixed-tilt systems completed in 2012

• A wide distribution in installed prices is observed, partially reflecting variation in system 

size (shown on following slide) and other project characteristics.

$0

$2

$4

$6

$8

$10

n=11 (103 MW) n=18 (236 MW) n=53 (502 MW) n=106 (744 MW)

Installed Price (2012$/WDC)

Installation Year

 Crystalline, Fixed-Tilt Crystalline, Tracking

 Thin-Film, Fixed-Tilt Other Configurations

 Cap-Wtd. Averages

 Ground-Mounted Systems ≥2 MWDC

2007-2009 2010 2011 2012
Variation in Installed Price of 2012 UtilityScale PV Projects by Size and Configuration 

15

• Larger (>10 MW) utility-scale systems vary in price within a relatively narrow range 

from roughly $2.50/W to $4.00/W, while smaller utility-scale projects span a much 

broader range that includes a number of high-priced systems (>$5/W)

• Among the relatively small number of >10 MW systems, capacity-weighted average 

prices were $3.08/W for crystalline, fixed-tilt; $3.56/W for crystalline with tracking; and 

$3.14/W for thin-film, fixed tilt systems.

$0

$1

$2

$3

$4

$5

$6

$7

$8

0 5 10 15 20 25 30 35 40 45 50 55 60

Installed Price (2012$/WDC)

System Size (MWDC)

Crystalline, Fixed-Tilt

Crystalline, Tracking

Thin-Film, Fixed-Tilt

Trendline (All Systems)

Ground-Mounted Systems ≥2 MWDC Installed in 2012 
Contents

16

• Introduction and Summary

• Historical and Recent Reported Prices

• Recent Prices from Bottom-Up Cost Analysis

• Comparison Between Reported and Bottom-Up Price Estimates

• Near Future Price Trends

• Conclusion
• Detailed cost models for specific PV system designs account for all 

materials, labor, overhead and profit, land acquisition and preparation costs, 

and regulatory costs for a PV system up to the point of grid tie-in 

• Better able to determine individual components’ contributions to total 

system cost

• NREL cost models are compiled from numerous industry and primary 

sources, for each component of a system incurred by a manufacturer 

and/or installer, and validated with manufacturers and installers 

• Dialogue created differentiates the interview method from the survey 

method by allowing for greater specificity and feedback of results

• The area of each modeled system is kept constant across years, but it 

increases in capacity based on improved module efficiencies.

Methodology for Bottom-Up Modeling

17
$6.81 

$5.97 

$4.22 

$3.69 

$5.04 $4.67 

$3.22 

$2.61 

$4.30 

$3.68 

$2.50 

$1.92 

$0

$1

$2

$3

$4

$5

$6

$7

$8

Q4 2009 Q4 2010 Q4 2011 Q4 2012 Q4 2009 Q4 2010 Q4 2011 Q4 2012 Q4 2009 Q4 2010 Q4 2011 Q4 2012

Residential Commercial Utility ground mount (Fixed axis)

2012$/

WDC

BOS

Inverter

Module

Bottom-up Modeled Overnight Capital Cost 

of PV Systems by Sector, Q4 ’09 - Q4 ‘12 

18

• Since Q4 2009, the overnight capital cost of systems has fallen between 14% –

18% per year

• 50% - 75% of reduction attributed to module price reductions

• From Q4 ‘11 to Q4 ‘12, the overnight capital cost of systems fell between 

$0.53/W - $0.61/W, or 13% to 23%.

were chosen based on typical system sizes, then adjusted for optimal inverter configuration. System

sizing for utility-scale benchmarks were chosen for comparison purposes against pricing reported from 

DOE’s Energy Information Administration (2010). 

Note: Standard crystalline silicon modules (13.5% efficiency in Q4 2009 to 15.0% in Q4 2012). System size (residential: 4.6 kW in Q4 2009 to 

5.1 kW in Q4 2012; commercial: 202.0 kW in Q4 2009 to 222.5 kW in Q4 2012; utility-scale: 174.6 MW in Q4 2009 to 192.8 MW to Q4 2012). 

The increase in module efficiency is the cause for increased system size. Modeled system sizes in the residential and commercial rooftop sectors
Bottom-up Modeled Overnight Capital Cost 

of Utility-Scale PV Systems by Size

19

• Efficiencies of scale achieved in PV utility-scale bottom-up modeled overnight 

capital costs

• 22-26% reduction in costs from 5 MW to 185 MW

• Most of this cost reduction achieved by increasing size from 5MW to 

20 MW (72%).

Note: Standard crystalline silicon modules (14.9% efficiency in Q4 2011 and 15.0% in Q4 2012). 

$3.16 

$2.80 

$2.65 

$2.45 $2.59 

$2.25 $2.11 $1.92 

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

5 MW 10 MW 20 MW 185 MW

System Price (2012 $/WDC

)

System Size Range (MWDC)

Q4 2011

Q4 2012
Contents

20

• Introduction and Summary

• Historical and Recent Reported Prices

• Recent Prices from Bottom-Up Cost Analysis

• Comparison Between Reported and Bottom-Up Price Estimates

• Near Future Price Trends

• Conclusion
$5.3

$4.1

$5.7

$4.2 $4.6

$3.2

$5.0

$3.2 $3.4 $3.1 $2.5

$0

$1

$2

$3

$4

$5

$6

$7

$8

Median

reported

price - U.S.

Median

reported

price - CO

Median

reported

price - CA

Modeled

overnight

capital cost

- U.S.

Median

reported

price - U.S.

Median

reported

price - CO

Median

reported

price - CA

Modeled

overnight

capital cost

- U.S.

Cap. w. avg. 

reported 

price -

Fixed Tilt 

(≥2 MW)

Cap. w. avg.

reported

price -

Fixed Tilt

(>10MW)

Modeled

overnight

capital cost

- U.S.

Residential Commercial Utility-Scale Grount-Mounted

System Price (2012 $/WDC) 2012 Reported Median (Residential/Commercial) and 

Capacity-Weighted Average (Utility-Scale) Prices vs. Q4 2011 

Bottom-Up Benchmark Overnight Capital Cost

21

overnight capital cost = 5.1 kW; median commercial reported size (> 100 kW) = 258 kW; commercial 

bottom-up benchmark overnight capital cost = 221 kW; cap.-weighted average ground-mounted system (≥2 

MW) reported size= 16 MW; utility-scale bottom-up benchmark overnight cap. cost = 191.5 MW.

Note: Many factors contribute to the reported price and overnight capital cost differing values including the additional costs above and beyond 

the overnight capital cost of a project, such as third-party financing; different system sizing; installation time lag; and various methods for 

calculating system sales price. Error bars for reported price data represent 20/80 percentile of datasets. The costs included in the bottom-up 

benchmarks represent national averages; there is significant cost variation for each component, depending on the installer, market, or time frame. 

The above data is representative of the following system sizing: median residential reported size= 5.1 kW; residential bottom-up benchmark
Reasons for Deviations Between Reported Price and 

Bottom-Up Benchmark Overnight Capital Cost

22

• Price vs. cost

• Reported pricing reflects what a customer will pay for a system (i.e., what the market 

will bear). A customer’s purchase price may be significantly higher than it would be 

elsewhere, regardless of the underlying cost to the installer, due to:

• Higher electricity rates (e.g., CA)

• Greater incentive programs (which may lower a customer’s upfront cash outlay, 

though not the price paid to the installer)

• Barriers to entry within specific markets, etc.

• The bottom-up benchmarks are reflective of consistent, transparent assumptions of the 

cost and representative margins of each subcomponent to an installer, regardless of 

market conditions or incentives.

• Timing 

• Reported pricing generally reflects module and other component pricing at the time 

that installation contracts were signed (could precede installation date by more than a 

year for large projects)
• Bottom-up benchmark costs are contemporaneous with time subcomponent 

pricing estimates. Q4 benchmarks are compared with the following year, but 

may not fully capture lag between price quote and installation date.

• Geographic location

• Reported price is weighted heavily toward California and New Jersey

• Bottom-up benchmark based on national averages.

• Project specifics

• Projects within dataset of report pricing includes systems not currently 

modeled in bottom-up benchmark, such as those using high-efficiency panels, 

high proportion of government facilities, and relatively small utility-scale 

projects.

Reasons for Deviations Between Reported Price and 

Bottom-Up Benchmark Overnight Capital Cost (cont’d.)

23
Contents

24

• Introduction and Summary

• Historical and Recent Reported Prices

• Recent Prices from Bottom-Up Cost Analysis

• Comparison Between Reported and Bottom-Up Price Estimates

• Near Future Price Trends

• Conclusion
Installed Price of Residential & Commercial PV Systems: 

U.S. Systems Installed in 2012 vs. German Systems Quoted in 2012 

25

• Installed prices in the United States are high compared to most other major 

international PV markets, due largely to differences in soft costs

• The disparity is particularly stark in comparison to Germany, where installed prices 

are $2.61-2.68/W (51-56%) lower across the three size ranges shown (on a pretax/VAT basis)

• Suggestive of potential for near-term cost savings in the United States.

$5.03 $2.35 $4.75 $2.14 $4.46 $1.87

$0

$1

$2

$3

$4

$5

$6

$7

$8

≤10 kW 10-100 kW >100 kW

Installed Price (2012$/WDC)

System Size Range (kWDC)

U.S. Systems Installed in 2012

German Systems Quoted in 2012

Residential & Commercial PV

(Median Values)
$4.12

$2.46

$1.95

$1.38

$0.73 $0.59 $0.54

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

2008 2009 2010 2011 2012 2013P 2014P

Module ASP ( 2012$/WDC

)

Median and Range of Analyst Expectations of 

Module Average Selling Price

26

Note: P = projection. Data represent the median, max., and min. figures from: BNEF (02/08/13, 03/25/13); Goldman 

Sachs (01/03/13); GTM Research (Oct. 2010, Jan. 2013); Photon Consulting (Jan. 2011, March 2012, March 2013), UBS 

(03/10/13). Inflation adjusted 2008-2012: CPI; inflation adjusted 2013-14: EIA, AEO, Table 20, Gross Domestic 

Product, August 2012. 

• Module prices in 2012 continued recent trend of dramatic reductions

• Since 2008 has fallen on average 35% per year

• Mixed forecasts on future module ASP

• However, not expected to increase or decrease dramatically in price

• By 2014 ASP projected to be between $0.50/W - $0.75/W

• Major system price reductions are not expected to come from PV module price alone, 

as was the case in previous years.

Historic Projection
$0

$1

$2

$3

$4

$5

$6

$7

2012 2013P 2014P

System Price (2012 $/WDC)

Distributed Systems

Range of Analyst

Projections

$0

$1

$2

$3

$4

$5

$6

$7

2012 2013P 2014P

System Price (2012 $/WDC)

Utility-Scale Systems

Range of Analyst

Projections

Analyst Estimates (2012) and Projections 

(2013–2014) of Global Average System Price 

27

• Analysts expect the system prices of both utility-scale and distributed systems to 

continue to fall in the near future

• Distributed systems are expected to reach between $2/W - $4.75/W by 2014

• Utility-scale systems are expected to reach between $1.50 - $3.15/W by 2014.

Note: P = projection. Data represent the max. and min. figures from: Bloomberg New Energy Finance (05/13/13); 

Cowen & Company (05/16/13); Deutsche Bank (03/14/13, 05/07/13, 05/16/13); GTM Research (Feb. 2013); Navigant 

Consulting (Q2 2013); Photon Consulting’s The Wall (06/14/13); Stifel Nicolaus (05/07/13). Inflation adjusted 2013-14: 

EIA, AEO, Table 20, Gross Domestic Product, August 2012. 

Historic Projection Historic Projection
Contents

28

• Introduction and Summary

• Historical and Recent Reported Prices

• Recent Prices from Bottom-Up Cost Analysis

• Comparison Between Reported and Bottom-Up Price Estimates

• Near Future Price Trends

• Conclusion
• Continued system price reductions in 2012; more expected in the near-term, despite 

tensions on trade issues

• Reported system pricing fell 6-14% from 2011-2012

• Modeled overnight capital costs fell 13-23% from Q4 2011 to Q4 2012.

• Despite general downward trend, large variation in reported pricing within market 

segment in 2012

• A difference of roughly $2/W in median installed price between the lowest- and 

highest-priced states for residential & commercial systems ≤10 kW, but similar 

variability also exists within individual states

• Ground-mounted systems ≥2 MW ranged in price from $2/W to above $6/W.

• Difference between reported price and bottom-up benchmark overnight capital cost for 

similarly segmented systems in 2012

• Residential ($5.30/W reported price, $4.22/W bottom-up benchmark overnight 

capital cost); commercial ($4.62/W reported price, $3.22/W bottom-up benchmark 

overnight capital cost); utility-scale ($3.35/W reported price, $2.50/W bottom-up 

benchmark overnight capital cost) 

• Delta between reported pricing and modeled cost is due to various factors, such as 

inefficient pricing, timing, geographic location, and project specifics.

Conclusion

29