New technology and focus in the renewable energy industry have been driving down prices for years, but 2017 saw a significant reduction in the cost of solar energy. This is driving popularity of renewables for large-scale energy plants, such as solar farms, and it is also increasing popularity in solar technology for individual households.
Installation Costs? Sliced in half!
The cost of installing solar tech has been sliced in half in the last 8 years, with solar installation costs plummeting as the supply-chain and delivery infrastructure of solar panels was developed to keep in pace with global demand. This has led to the cost of solar energy per Watt to drop. In 2009, for example, solar energy was priced (on average) at $8/W for small-scale projects such as residential buildings. That price has since halved, and in the U.S, solar is now priced at between $3 and $4 per Watt.
That’s a major drop in the cost of solar, and it’s even cheaper outside of the U.S. As of 2015, the cost of solar installation in Australia was a little less than $1.8/W for residential buildings, and in Germany it was eve lower, at $1.7/W.
Looking to the future
Prices are expected to keep dropping as well. The efficiency of solar modules (such as panels) is improving as more investment is pumped into solar research, and battery farms (like the new Tesla farm in Australia) are making it easy to move and store renewable energy for longer periods of time. These technological innovations are paving the way for a solar revolution, and we are in the midst of it all!