As electricity continues to rise, solar power continues to become cheaper. Residential solar panels are not only at their lowest prices. They are healthier for the environment and will save you money. You may not have heard about the historic lows because the change happened so quickly. In 2015, almost all solar panels had to be subsidized to be economically viable, but three years later, 60% of those solar panels paid for themselves even without federal subsidies.
Looking around the world, you can see a slow, but steady change as people are switching to renewables. Even though Germany is in the worst position for relying on renewable energy (due to their extreme energy use and little unoccupied land), they are still one of the leaders in renewable energy. The lesson is if Germany is doing it despite their poor position, there is no reason for countries like the US who are in a good position not to be doing it too. But why are energy prices dropping to such historic lows?
Why are the prices of residential solar panels dropping?
There is an increased realization that renewable energy is necessary to save the planet. That may seem extreme, but scientists are warning us that our reliance on fossil fuels is close to doing damage to the planet that will not be able to be undone. Manufacturers heard this call, and several companies, including Tesla, are lowering the price of their solar panels. When manufacturers make their products cheaper, the saving can be passed on to you.
Another reason for the cheaper solar power is an update from the U.S. Energy Information Administration stating that the price of solar panels has dropped nine times since 2006. Even if you’ve tried switching to solar power and found you couldn’t afford it, you may be shocked at how low the prices are now. Further, the US Department of Energy’s (DOE) announcement that it would “cut the cost of solar energy by 60% within the next 10 years, in addition to nearly $128 million in funding to lower costs, improve performance, and speed the deployment of solar energy technologies.” The DOE has also developed the SunShot Initiative, whose purpose is to drive down the cost of electricity provided by solar panels. All of these changes have seen a 75% reduction in costs in just a decade.
How can you take advantage of this price drop?
Clearly, now is the time to take advantage of these historic low prices to convert to solar energy. As word of the lower price of solar conversion gets out, more people will be attempting the conversion. That demand will drive up prices, so before the low prices start trending everywhere, now is the time to get yours installed at the lowest price possible. Even if you’ve tried switching before but couldn’t afford it, you will be shocked at how far the prices have dropped. If you are interested in converting to solar energy while it is at its lowest price, click here for more information.
