Solar panels are mirroring the same increase in efficiency and decrease in costs that calculators, computers, and big screen TVs experienced. Like these products, solar panels continue to perform better over time, and their scalability improves. The result is falling costs.
According to the National Renewable Energy Laboratory (NREL), the cost of a residential photovoltaic (PV) system has decreased by 64% over the last decade. The decline is driven largely by PV efficiencies and hardware and inverter costs.
Cost Isn’t the Only Consideration
Affordability improvements mean more Californians can budget for a solar system. Working with a seasoned solar provider like SunPower by Quality Home Services can ensure your system is appropriately sized and cost savings are optimized.
The right solar company, trusted by homebuilders, will properly design, install and handle solar permitting. With the technology and 36+ years of experience, SunPower is a trusted partner for architects, builders, and homeowners that are looking to efficiently meet code requirements and optimize solar production for their homes.
Improvements in Solar Panel Manufacturing
According to EnergySage, the cost of a solar panel installation was $8.50 per watt in 2009. Fast forward to today and the cost of solar has decreased significantly. In addition to solar panel efficiency increasing dramatically, solar panel producers have significantly improved their manufacturing processes.
Solar installers, too, have become more efficient with their installations, standards, expertise, and timelines. Today, solar panel installation has fallen dramatically, to just $2.77 per watt (prices vary depending on products installed and the nature of variables for each job).
For even more context, the first solar cells invented in the 1800s were only 1% efficient. In 1954, the first useful silicon solar panel was 6% efficient. NREL researchers developed a solar cell with a 47% efficiency in April 2020.
The Effect of Swanson’s Law
Solar panel costs becoming more affordable over time can be explained by Swanson’s Law: The price of solar PV modules decreases by about 20% for every doubling in global solar capacity. As industries face a major learning curve and improve, prices fall. The law is named after Richard Swanson, founder of high-efficiency solar panel manufacturer SunPower.
Solar PV manufacturers are experiencing what computer manufacturers have over the years. Consider how much less expensive and more powerful your computer is now compared to the technology from 2009. Residential solar has grown over time, and the future is bright enough that someday every home will have solar power.
Sizeable Selection of Home Efficiency Products
At SunPower by Quality Home Services, we have been offering home efficiency products for over 36 years. From water softening treatment to rooftop solar, backup batteries, and generators to name a few. We represent only the best products on the market, and so Quality Home Services is a name you can trust.
We help you to become more energy efficient, resulting in a boost to the environment and to your household budget. Solar’s improved affordability and our industry-leading experience make now a great time to contact SunPower by Quality Home Services about adding your own energy-producing system to your home.
We are an award-winning, local Fresno and Bakersfield company. We are a family business and are in business to help families. Schedule your free solar consultation today. Reach us online or call (800) 496-3074.