It is true that the cost of panels and hardware has reduced over the last 5-7 years largely driven by increases in manufacturing scale (volume). However, volumes in most of the major markets (Europe, Japan and USA) have stabilized now and we don’t expect significant improvement in scale. In fact, we believe panels
- Is the biggest cost component in the system
- And may be at an artificially low price at the moment due to the Chinese government who reduced their feed in tariffs in June 2016, which slowed demand in China and has contributed to a global oversupply.