LOS ANGELES (PRWEB) July 11, 2019
There has never been a better time than the present to go solar. The cost of solar power has plummeted over the past four decades, with the greatest cost reductions occurring in just the last few years, which is why many former skeptics of solar energy are taking a step back and realizing the financial benefits they would reap should they decide to make the switch.
Green Solar Technologies Founder, Nicki Zvik, explains, “While solar panels were once seen as a luxury for the elite, they no longer bare that stigma. Solar panels are extremely affordable for the everyday person as they’ve dropped in price as much as 70 percent over only the past decade as technology has improved and fewer panels are needed to power homes and businesses. We’re in a time now where solar just makes more sense than being chained to the utility companies.”
The rapid decline in the cost of solar power is due in large part to the dramatic reduction in the cost of photovoltaic (PV) cells. PV modules have fallen in price by 99 percent over the past 40 years and decline in cost shows no sign of slowing down.
According to a study at MIT, the drastic decrease in PV prices are partially due to government policies that help to grow markets—in fact, as stated in the study, "Market-stimulating policies have played a central role in driving down the costs of PV modules, with private R&D, economies of scale, and learning-by-doing together contributing an estimated 60% of the cost decline in PV modules between 1980 and 2012."
The study also shows that the advancements in the technology itself (due to both public and private R&D) led to a considerable decrease in costs (specifically, the remaining 40% of the decline). The study states that R&D "was a key driver of module cost reduction historically and can be valuable going forward in improving module efficiency and reducing materials use." The study continues, noting that "Improvements to module efficiency in particular would help cut the per-watt cost of all cost components of PV modules (as well as PV systems)."
Nicki Zvik continues, “Put simply, PV cells have become much more efficient at converting sunlight to electricity and improved production processes have greatly cut the number of defective cells produced, improving yields and reducing production waste. This results in much cheaper and more energy-productive solar modules. Pair this with more efficient components, like inverters and battery storage systems, and the results and cost savings are truly spectacular.”
Homeowners in the U.S. can hit break-even points with solar in as little as three years and see payback periods between five and eight years, with savings estimates upwards of $20,000 in 20 years.
Zvik concludes, “Since solar power is a free source of energy, once you've installed PV panels on your business or home, maintenance is minimal and returns are high. Not to mention, Green Solar Technologies and our partners offer some of the best warranties in the business. We’ll be there with our customers from the very beginning through the entire lifetime of their system.”
So why wait to reap the rewards of cheap, efficient, clean solar power? Solar isn't only the future—solar is here today.