Solar panel installations have been gaining ground all around the globe as the drive for a greener world intensifies. The United States is not left out of the solar power revolution, which has also received more boosts with drop in solar panel prices. From all indications, it looks like a bigger boom in solar panel installations is on the way in 2014.
Fall in Prices
A few years back, one main argument against solar panel installation was the costs involved. Things have changed for the better as more responsible governments and solar power companies combine to drive down the costs of these installations. Some governments, with the aims of tackling problems of climate change and creating new jobs, have been providing incentives for all forms of solar power installations. Some of the world’s top solar power companies are also doing their bit to ensure prices fall through the development of solar power panels that are more efficient in performance. In addition, the entry of more new firms into the industry has also helped to make costs of solar panel installations lower.
Boom in Solar Panel Installations
Access to solar power was almost exclusively left to wealthy individuals and ardent anti-global warming advocates years back. The simple reason for this was the associated costs of installations, which to many people, were not justified. But things have improved so much in the last couple of years, thanks to the revolution being witnessed in the solar power sector. Solar panels now cost about 60% less than they did just a couple of years back, making installations more affordable. The price drop is even more impressive over a longer timespan.
More middle-class families can now afford solar power installation. For example, in California, residential solar panel installations now cost less than $5 per watt, and that amount is expected to significantly drop further in the next few years. The upfront investments that have to be made are the main turn-off for most homeowners when talking about solar power. But all that is changing as residents of some states such as California and New Jersey can take advantage of rebates that take away the need for massive initial investment, with payments spread over several years (more details here).
Further boom in solar panel installations therefore looks on the way, as more people and businesses choose solar power. All indications point to a continuous rise in solar panel installations in the US, especially with the significant drop in solar panel costs. The argument that solar power can help save money on electricity in the long run could also serve as a powerful draw.
And the attraction of solar energy is not just limited to the sunnier climes of the mid-west. In the UK, demand for residential solar power installations is growing, partly thanks to generous government rebates. Even famous listed buildings are investing in green energy, with the Blenheim Palace, a World Heritage Site, having gone green according to a report from Randstad.
Prospects for the US Solar Power Market
The rise in acceptance of solar power as an alternative to conventional source of electricity is expected to continue gaining ground. It is predicted that the US would possibly record more new solar panel installations in 2014 than world leader Germany for the first time in about 15 years, as more companies continue making giant strides in the US solar power market.