We present a cost analysis based on state of the art printing and coating processes to fully encapsulated, flexible ITO- and vacuum-free polymer solar cell modules. Manufacturing data for both single junctions and tandem junctions are presented and analyzed. Within this calculation the most expensive layers and processing steps are identified. Based on large roll-to-roll coating experiments the exact material consumptions were determined. In addition to the data for the pilot scale experiment presented here, projections to medium and large scale scenarios serve as a guide to achieve cost targets of 5 €ct per Wp in a detailed material and cost analysis. These scenarios include the replacement of cost intensive layers, as well as process optimization steps. Furthermore, the cost structures for single and tandem devices are listed in detail and discussed. In an optimized model the material costs drop below 10 € per m2 which proves that OPV is a competitive alternative to established power generation technologies.