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Going Green: Drop In Solar Panel Prices Boosts Renewable Energy Industry

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A new report published by a renewable energy research firm has suggested that falling prices in the cost of solar panels have contributed to a surge in adoption of renewable energy, as the technology becomes more affordable to the average user.

The Clean Energy Trends report revealed that global revenue for renewable energy increased to $249bn, with the solar power industry doubling every one-to-two years – causing cost prices to fall by about 18% in this time frame.

These price drops have caused a massive rise in the adoption of solar panels and other renewable energy sources, as well as government incentive and loan schemes being instrumental in more people investing in the technology.

With feed-in tariffs still paying out users for electricity that’s generated from the panels, it’s a fantastic time to invest in solar panel technology – costs are at an all-time low, the technology is more efficient and government schemes are still in place to financially help with the transition.

Solar Costs Already Fallen By Two-Thirds

The real-term cost of solar panels (per watt) has already fallen from $7.50 down to $2.50 per watt, with a further $1-per-watt reduction in worldwide costs expected within the next five years. The benefit of these drops not only means that the technology is increasingly affordable for both domestic and commercial users, both of whom have been hit by economic downturns, but it also means that we’re quickly heading for what’s known as ‘grid parity’ – where the renewable options, like solar power, reach the same price as conventional energy resources.

If you’re looking to invest in the growing solar industry, and are looking for renewable energy options in Devon, Dorset, Somerset and the surrounding areas, then look no further than our services here at GW Renewable.

We offer a number of renewable energy options including solar panels, ground source heat pumps and both renewable and energy efficient boilers for your home. Call us today on 0117 972 5340 to discuss your options, arrange an installation or get a quote.

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