Solar Energy is More Affordable Than Ever!

Submitted by admin on Mon, 06/07/2021 - 8:00am
solar power on residential home roof

Those who have installed solar panels on their homes and businesses have quickly been able to enjoy lower utility expenses. At the same time, many people have been reluctant to start using solar power due to the perceived cost of installing panels. However, new research reveals that solar energy is more affordable than ever before — and far more affordable than the alternatives.

 

Lower and Lower Costs

The latest update on the cost of solar energy comes from a report by the International Energy Agency (IEA). In an analysis that also accounted for the cost of building solar installations, the IEA estimated that the cost for solar power has fallen by anywhere from 20 to 50 percent, depending on location. Solar now costs roughly $35 to $55 per megawatt-hour. In comparison, coal-based power ranges from $55 to $150 per megawatt-hour.

 

What’s Behind the Change?

Improvements to solar tech are a big contributor to declining costs. Quite simply, solar panel technology is more efficient than ever, meaning more energy can be generated from smaller panels. This makes solar installations smaller and more affordable. In addition, many countries (including the United States) have implemented policies to reduce the cost of solar to encourage the adoption of this green energy source.

 

There’s Never Been a Better Time to Use Solar

Not only is solar energy a great way to reduce your carbon emissions, but it can also make your electricity costs more affordable. There’s never been a better time to make the switch — and Sunrise Solar can help with solar installations custom-fitted to your property. Contact us today to learn more.

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