Solar panels are a huge benefit for any home because they can save energy by using the sun as an electricity generator. Solar technologies are continuously improving and are now benefitting homeowners in many ways. These technologies allow homeowners to lower their electric bills, save energy, and help the environment.
However, even if solar panels were relatively much more affordable today, they would be out of reach for populous countries that need them the most. If solar panels can get cheaper in the future, we can benefit from it through a greater energy reduction and more sustainable ways on a wide scale.
Today’s solar panels can be as much as $18,500 for a basic set that powers your home during the day. In most cases, the cost of solar panels depends on the size of the system and the solar panel technology used. As a result, advanced and wide-scale solar panel use can cost several hundred or even thousands.
As experts predict solar hardware costs continue to drop, we can expect a shift in how energy production is managed globally. As a result, solar technology will become much more accessible as a renewable option that can benefit homes in Golden, CO, and the entire country.
It’s unlikely that we’ll see the continuation of the dramatic decrease in price from the last two decades in the 2020s, but we do expect to see some decreases in price.
As the solar manufacturing and installation process becomes more and more efficient, there is less and less room for the “hard costs” to decrease, meaning “soft costs” make up a larger portion of the price. Hard costs are things like the panels and solar inverters themselves. The soft costs are things like permitting and financing.
Soft costs make up 64% of the cost of a residential solar system, according to the US Department of Energy. These costs are more likely to increase with inflation, contributing more and more to the cost of your solar system. While hard costs may continue to decrease, they will have less of an impact on the overall price of installing a system.
However, the overall cost still hasn’t reached its lowest point, at least not according to the BNEF New Energy Outlook 2019. Bloomberg and their 65 market specialists predict that overall, the cost of solar will decrease by about 34% by 2030.
While it doesn’t quite match the 80% decline we saw from 2000 to 2020, it shows that the cost of going solar is still moving in a downward direction. (Continued)
Roper Roofing and Solar is an LG and multi-manufacturer-certified solar panel installation team in Golden, CO. Allow us to install and maintain your solar roofing panels today.
