Solar Panels Have Innovated And Brought Down Cost

Solar panel tech has been in some form for a significant amount of history.  Bell Labs developed the first useful solar cell more than 60 years ago, and scientists have known for hundreds of years that the sun can be used to produce electricity. However, it’s only in the last ten years or so that solar photovoltaics (PV) has blown-up as a renewable energy source. The steady improvement of both solar panel cost and solar panel efficiency over time, are the major players in solar tech innovation.

History Of Solar

The initial solar cells, created in the 1800s, were less than one percent efficient, not sufficient to make them a useful energy source. It wasn’t until 1954 that Bell Labs developed the first practical silicon solar panel, which was approximately six percent efficient.

Since then, solar PV technology has emerged at a rapid pace. Producers have been able to create solar panels that are nearly 30 percent efficient.  These high-efficiency panels can produce 25 percent more electricity than the lower-tier economy panels that made up the bulk of the market in past years.

Efficiency Is The Target

The technology ensures increasing solar panel efficiency even further. Researchers have engineered panels with 46 percent efficiency in specific laboratory tests using advanced cell structures. However, extremely high-efficiency panels are typically made of more expensive materials not used in rooftop solar panels, and as a consequence, they aren’t currently cost-effective.

Cost And History Of Solar

In 2008, the expense of a solar panel installation was $8.82 per watt. The solar industry today looks very diverse: in addition to solar panel efficiency increasing dramatically, solar panel generators have significantly improved their manufacturing processes. Solar installers, too, can extend solar PV across the United States more efficiently now than they could ten years ago. The result: the cost of solar has fallen by over 60 percent, to just $3.14/watt.

There’s proof that the rate at which solar prices are decreasing is continuing, too. Between the first half of 2017 and the second half of 2017, the average cost per watt fell at a slower rate, but still by 1.3%.

The cost declines over the past ten years are a significant reason why homeowners are frequently interested in installing solar panels. For a standard 6 kW home solar system, the average total cost has fallen from $52,920 to just $18,840 in about the past decade. Decrease the 30 percent federal tax credit for solar, and you’re looking at $13,188 for a home solar PV system that can cover most, if not all, of your electricity requirements. If you own your home, why wouldn’t you consider solar panels in order to save and maybe even make money?

Want to save and be guided by experts? Go to HahaSmart.com and try our price checker tool. It tells you how much solar power you need and how much you can save on your energy bills each month.