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02 Oct

Solar Panel Technology Drops In Price

Solar energy is getting more affordable. Solar energy is getting more affordable.

 

Solar energy is quickly becoming more affordable for the everyday consumer, with prices 60% lower this year compared to 2011, reports the US Solar Energy Industries Association. Solar power installations have also been predicted by Bloomberg New Energy Finance to take first place as the number one clean energy source in the United States, edging out wind power.

The SEIA said that a new solar panel project is installed every four minutes in the US and that the panels have had a 42% increase in the utilities market since the beginning of 2013. As solar panels increase in popularity, their prices will continue to drop while the market is allowed to mature and competition between manufacturers grows. Advancements in technology and factory production have also helped the budding industry. 

With more and more consumers investing in the technology, the prices are set to decrease even further over time. Zachary Shahan of CleanTechnica pointed out the stark contrast between solar's growing industry and fossil fuels.

"Naturally, as solar panel costs continue to drop, solar power grows even faster, which further brings down the cost of solar...This is quite different from the situation with non-renewable fossil fuels, where greater use of fuel shortens supply and drives costs up over time."

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