The Price of Residential Solar Energy Has Dropped
Solar energy in the U.S. has now reached a tipping point; it’s cheaper to buy a solar system now than it is to pay your electric bill in many places. Since 2008, installations have grown 17-fold from 1.2 gigawatts to 36 gigawatts today. This is a capacity enough to power millions of American homes. As of 2010, the cost of solar panels has dropped more than sixty percent, and the price of a solar electric system fell by about fifty percent.By 2025, it is anticipated that over 10% of all energy in the U.S. will come from solar power.
Markets for the solar energy are opening rapidly across the country and the solar electricity is now competitive economically with the different conventional energy sources in some states including Minnesota, Texas, Hawaii, and California. In addition to that, the solar industry is a known incubator for job growth in the entire nation. Solar jobs have also increased about 123 percent since November 2010 with nearly thousands of solar workers in the US. This trend is expected to continue.
Solar panels, panel racking costs, and inverter costs have come down at a steady pace every year, which results in a big decline in the long run. There are different causes, including a steep decline in the polysilicon prices, manufacturing efficiencies, and competition among the manufacturers. The downward price trend is standard with the new technologies.
The higher the solar panel’s efficiency, the higher the system’s overall energy production. Even if the most efficient solar panels available in the market have 22.5% efficiency, the majority of the panels are in 14-16 percentage range. This difference when it comes to productivity means that a better system may have a solar energy output that’s 50% greater than less efficient systems. Some associated costs have been reduced through greater efficiency including installation, transportation, and racking system equipment costs.
The increased deployment of solar energy provides numerous benefits for the US. As a clean domestic energy source available, the solar supports the broader national priorities such as economic growth, national security, job creation, and climate change mitigation. The potential and abundance of solar throughout the US are staggering. The solar panels on 0.6 percent of the total land area of the nation might supply enough electricity for powering the whole country. Solar panels can also be installed on the rooftops without impacts on land use. CSP or concentrating solar power is the other technique to get energy from the sun and seven southwestern states have the land area and technical potential to site enough solar power to supply four times the recent US yearly electricity demand.
In spite of the impressive progress, significant work remains before solar power becomes affordable as the conventional energy sources and meets the full potential of the entire country. The costs of solar hardware have also fallen dramatically, yet market barriers, as well as grid integration challenges, continue to hinder proper deployment.
There are many benefits of using solar energy. Aside from keeping the cost of energy low, it is widely available and can guarantee that your family is safe from grid failure. When compared to the conventional energy sources, solar energy is very eco-friendly.