First Solar CEO Jim Hughes: 'We'll Be Under $1 Per Watt' By 2017

First Solar Inc. FSLR's chief executive figures the company will be providing systems that generate electricity in the western U.S. at a cost of less than $1 per watt within two years.

The executive, Jim Hughes, made the prediction June 9 at the Edison Electric Institute annual convention in New Orleans, and was reported Monday by Greentechmedia.

Utility scale solar power costs ranged from $2.10 to $1.40 per watt at the end of 2014, with average prices falling about 12 percent during the year, according to a market research report in March from Greentechmedia.

First Solar shares are off more than 15 percent in the past three months, and changed hands recently at $50.92, down 0.11.

RBC Capital's Mahesh Sanganeria downgraded First Solar late last month amid concern the company might be losing its price advantage over competitors.

But First Solar last week highlighted growing efficiencies in its technology that it said reinforces confidence in the "long-term roadmap" to which Hughes referred.

First Solar launched a so-called yieldco Friday called 8Point3 Energy Partners LP CAFD in a partnership with SunPower Corporation SPWR.

The yieldco, priced at $21 a share, changed hands recently at $20.70, up $0.21.