Solar photovoltaic technology will maintain its position as the world's most cost-competitive power generation source through 2025, with single-axis tracker systems in the Middle East and Africa leading at US$37/Megawatt hour (MWh).
In 2024, the average home solar power system cost in the US ranges from $15,000 to $35,000 before incentives for a typical 6-12 kW system that powers an average home. After the 30% federal solar tax credit, that drops to $10,500-$24,500.
Solar Inverter Price Wars: Who Leads in Saudi Arabia? The average price for 5kW solar inverters in Riyadh dropped to $0. 18/W in 2024, down 33% from 2020. Chinese manufacturers like Huawei and Sungrow now dominate 68% of Saudi's market share through localized production.
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Renewable Energy Has Achieved Cost Parity: Utility-scale solar ($28-117/MWh) and onshore wind ($23-139/MWh) now consistently outcompete fossil fuels, with coal costing $68-166/MWh and natural gas $77-130/MWh, making renewables the most economical choice for new electricity.