The commercialization of perovskite solar cells (PSCs) has garnered worldwide attention and many efforts were devoted on the improvement of efficiency and stability. Here, we estimated the cost effectivities of PSCs based on the current industrial condition. Through the analysis of current process, the manufacturing cost and the levelized cost of electricity (LCOE) of PSCs is estimated as 0.57 $ W^-1 and 18–22 US cents (kWh)^-1, respectively, and we demonstrate the materials cost shares 70% of the total cost. Sensitivity analysis indicates that the improvement of efficiency, yield and decrease in materials cost significantly reduce the cost of the modules. Analysis of the module cost and LCOE indicates that the PSCs have the potential to outperform the silicon solar cells in the condition of over 25% efficiency and 25-year lifetime in future. To achieve this target, it is essential to further refine the fabrication processes of each layer in the module, develop stable inorganic transport materials, and precisely control material formation and processing at the microscale and nanoscale to enhance charge transport.