The cost of installing a solar power system in Hawaii has declined over the past year thanks lower prices for photovoltaic panels and increased competition among installers, according to a new report.

The Honolulu Star-Advertiser reports that the report from Boston-based GTM Research found that the average price of photovoltaic panels fell to 90 cents per watt from $1.80 per watt during 2011 and may fall as low as 70 cents per watt this year. The newspaper reports that local industry experts say those falling prices have meant a 20 percent decline in the cost of an installed photovoltaic system in Hawaii.