In this paper the authors describe the long-term (late 1990s) cost and efficiency goals of the recently issued National Photovoltaics Program Five-Year Research Plan, technical goals which are based on a constant dollar electricity cost target of 6.5 cents/kWh. They next discuss an assessment using material requirements for estimating the potential of different PV technologies to meet these goals. This assessment suggests that thin-film PV technologies, especially amorphous silicon, have much potential for achieving the long-term goals. Finally, they describe the recent achievements and near-term thrusts of the research efforts conducted by SERI.