According to the 2009 Solar Industry Year in Review report from the Solar Energies Industry Association, the price per watt of PV modules dropped 40% in 2009. The price in mid 2008 was $3.50-$4.00 per watt and it dropped to $1.85-$2.25 per watt in 2009. The average installed cost of a PV system fell 10% from 2008 to 2009 as well. Incentives from federal, state and local governments have also helped to defray initial costs.