The PV (photovoltaic) module is still 39% of the cost (about $0.39 per watt). That will go down fast—probably faster than the historic 12% annual drop because the investments are so much higher now. The world average is already around $0.25/watt. In some places in the US, solar panels already cost $0.20/watt. Overseas, it can go as low as $0.10-$0.12/watt.