Dropping Prices of Solar

September 9, 2018

Solar energy panels were once an item that only the more affluent families or businesses could afford. It was rare to see solar energy panels on your neighbor’s roof or even in your community. In fact, the solar industry was once considered a fad. Those days are long over. The reports are in on the usage and dropping prices of solar, and it is good news for your wallet and our environment. Not only are prices dropping, but more and more homeowners are going solar.

CleanTechnica revealed in February 2018 just how drastically the prices have dropped. They report that a solar panel per watt in 1975 was $101.05, while more than 40 years later, the price in 2015 was just $0.61. More recent data from Bloomberg New Energy Finance predicts that a solar module price drop from 62 cents/watt in 2015 will hit 31 cents in 2019. These prices have dropped even faster and lower than most experts predicted.

What does this mean for the average consumer? First, it means that solar energy technology has advanced impressively and production has become so efficient that rates can tumble to make this form of energy affordable for the average homeowner. Secondly, these statistics show that the barriers of cost are down for consumers, making this energy source available to many middle income homeowners. Finally, when examining trends, the numbers show that, while the numbers are dropping, the price declines have slowed, especially in 2017. In short, this may be the time to install solar energy panels to get in on the premium savings.

Need more proof? Check out these resources that show the decline in solar prices versus the traditional energy sources.

Resources:

Greener Ideal. “Solar Energy Grows More Affordable as Panel Prices Fall Faster Than Experts Predicted.” Feb. 2018.

CleanTech Investing News. “Report Shows Solar and Wind Prices Have Dropped in the US.” June 2018.

Clean Technica. “Solar Panel Prices Continue Falling Quicker Than Expected.”  Feb. 2018.