Prices for solar panels are dropping at a rate that no other industry could support. Solar panel prices keep dropping and solar power is probably cheaper than you think.
When Tesla launched its solar roofs from $ 1.49 per watt ($ 2 per watt if federal grants are not counted) it was quite surprising how low it was priced. It is very economical price for rooftop solar panels. The savings solar energy generates for homeowners over the useful life of their PV systems are enormous at these prices.
A report by the United States Energy Information Administration shows that the price of solar panels alone (not including the cost of installation) down almost 9 times since 2006.
They went from $ 3.50 per watt peak in 2006 to $ 0.40 per watt peak in 2019. The Chinese have revolutionized the industry. This is an impressive drop that makes solar energy competitive.
Experts were already expecting a continued drop in costs. Chinese multicrystalline silicon modules (the most common type) cost around 61 cents per W in the global market. We expect that price to drop to around 21 cents in 2040 simply through incremental improvements in crystalline silicon technology.
The fierce competition in general has been very effective in bringing down the prices.
The 2019 average per watt of peak in the United States in 2019 was $ 0.40, according to the US Energy Information Administration. This is the same figure that was reported in February 2018. It may appear that the decline has stalled. However, remember that the Trump administration has imposed very controversial and unpopular tariffs on certain solar panels, which appear to have offset technological and manufacturing improvements in recent years.
The biggest point is that solar power prices have fallen off a cliff and plunged to the bottom of the sea.
Is It Time For You To Invest In Solar Power? It depends on your personal situation, but if you have a roof over it, I’ll do the numbers.