Wood Mackenzie employs a bottoms-up modeling methodology to capture, track and report national average PV system pricing by segment for systems installed each quarter. The methodology is based on the tracked wholesale pricing of major solar components and data collected from industry interviews. Wood Mackenzie's Supply Chain data and models are leveraged to enhance and bolster our pricing outlooks. New this quarter: we no longer break out taxes as a separate line item as those are now incorporated in the equipment category estimates. These changes have been made to the current global supply chains expanded to new regions like Indonesia, Laos and Ethiopia. Customer acquisition costs also declined as the expiration of the Section 25D tax credit drove up sales activity. Average system price for the commercial segment aluminum increased by 35% after Section 232 tariffs increased to 50%. As a result, electrical and structural equipment costs surged by 60% in Q4 2025 compared to Q4 2024. Utility-scale fixed-tilt and single-axis tracker system costs climbed to $1.18/Wdc and $1.35/Wdc, increasing by 11% and 14%, driven by import tariffs. Further compounding the rise was a 35% year-over-year increase in EPC overhead and margin as developers pay premiums to secure EPCs to meet safe-harbor and tax credit deadlines after the passage of OBBBA.