New research on the life expectancy of this new kind of renewable energy has helped decrease the cost of solar panels. It was once estimated that solar panels would last only about 20 years, but it has now been proven that models can last up to 30 years. This makes it a more appealing investment for homeowners who were hesitant because of the short life expectancy.
Environmentally friendly institutes are even going as far as cheering on institutions of finance to make available the funding for purchasing and installing solar panels. Homeowners should have the option of installing this renewable energy because in a few years time they will eventually pay themselves off.
Some governments across Europe have been offering incentive programs for homeowners to install solar panels onto their homes which have brought down the costs of solar panels even further. China has also been offering domestic incentive plans for their citizens as well. The US and India have similar plans in the pipelines for solar panels, which will increase the demand even further pulling prices down as well.
Before, I mentioned how this type of renewable energy will pay for itself and here is why: the major expense of solar panels is the purchase of the actual equipment and its installation. The rest is almost free because you do not have to pay for the energy source.
One major goal set out by the renewable energy industry in the solar field is to gain as much ground on grid generated power as possible. There are some very enthusiastic goals set out by the industry, especially in Europe. These include making getting your energy from solar power as cheap as it would be to buy it off of a grid. Estimates are quoting that half of Europe should be using solar energy as opposed to grid power by 2020.
Increase demand for renewable energy is growing around the globe. This means that the solar panel industry will boom, creating more profits for the companies involved, allowing them to cut costs even further.
You can save more money with a DIY solar panel and then install your own residential solar panel.