Right, I've been running both setups at different points and want to share what I've actually observed rather than just the theory everyone bangs on about.
PWM basics: It's essentially a switch that connects/disconnects your panels to the battery. Dead simple, cheap, and honestly for smaller systems (under 400W or so), the efficiency loss isn't catastrophic. I ran a 200W PWM setup on my shepherd's hut for two years without complaints. The controller I had cost about £40.
Where PWM falls apart: Once you're pushing decent wattage, you're leaving real money on the table. If your panels are 48V and your battery bank is 24V, PWM just wastes the voltage difference as heat. That's not theoretical—I measured it. On cloudy days, the difference becomes negligible, but on bright days? You're losing 20-30% of potential charging current.
MPPT reality: Worth every penny if you're serious about efficiency. I've got a Victron SmartSolar 150/85 now and the difference is measurable. It actively hunts for the maximum power point on your array, basically optimising in real-time. Yes, they're pricier (£300-600 range), but the payback period is genuine if your system's large enough.
My take: MPPT if you're running more than 400-500W of panels or mixing voltages. PWM if you're genuinely minimal and can't justify the spend.
What's everyone else running? Curious whether others have noticed the same efficiency patterns, particularly in winter months.