The costs of solar panels have surely seen a drastic downward pattern in recent years for a number of reasons. From the advancements in technology and materials to the growing demand worldwide, this green source of energy is now more affordable than ever. While the concept of utilizing the sun’s rays to generate power dates back to the 1800’s, it took many years for the equipment to reach neighborhood rooftops. The decreased costs of solar panels have made them accessible to today’s home and business owners.
Following years of research focused on converting sunlight into energy, Bell Laboratory employee Gerald Pearson constructed the first of these framed tools in the early 1950’s. Within their framework are protected silicon semiconductors that trap the sun’s light and transform it into solar electric power to be used both inside and outside the building. Initially, materials as well as the labor to produce this equipment were rather costly which in turn discouraged further investment and production. However, over time a number of factors have contributed to the decrease in these expenses as well as the overall price tag on each unit.
The costs of solar panels have been directly affected by the continuously evolving technology related to the photovoltaic effect. Engineers in this specialized field have worked to achieve highly efficient and longer lasting equipment. What once may have withstood no more than twenty years of usage is now has a lifespan of more than thirty years. With very little maintenance, users can see their return on investment multiply considerably. Additionally, the global response has come in the form of increased sales from a number of countries such as China and Germany. This provides a solid sales base for this growing industry. This has led to a surplus of materials that has outstripped the increase in worldwide demand. With an abundance of parts on hand, companies have found it necessary to decrease prices to clear out their inventory. The manufacturing process itself has also been adapted to produce and install the equipment for less money. As the costs of solar panels and the wattage they create have dropped, the average consumer has been able to consider such an upgrade to their electrical system. Consumers are becoming educated about the advantages this alternate form of energy can offer. Each of these factors has contributed to higher production figures, resulting in decreased prices and increased demand. Those manufacturers that have survived the equipment surplus and lower profits have found it necessary to remain competitive with their prices to continue in the industry.
From the environmental benefits to the cost saving opportunities, it is expected that demand for this valuable form of green energy will continue to climb. While the costs of solar panels can vary from user to user depending on such things as location and specific model installed, the average price tag continues to fall and become more affordable to the typical consumer. Many states are setting incentives in place to encourage residents to choose this route for their electricity needs. As a whole the global community is embracing the necessity to protect the environment and taking proper steps such as utilizing solar power systems to do their part. In the coming years many more people will invest in this renewable energy equipment and ultimately save on their monthly expenses while increasing the value of their real estate.