Texans who’ve switched to solar power for their homes will be happy to hear that the price of solar energy is declining as the industry grows. Recent trends in solar prices show that, by 2030 to 2035, solar costs will decline to one or two cents per kilowatt-hour in “reasonably sunny” parts of the world- including Texas. This means that, within the next 15 years, solar power will be even cheaper to build than fossil-fuel plants will be to keep operating.
Why Solar Costs are Declining
Clean energy investors could have never predicted the fast decline of solar power costs. Trend forecasts show that the cost of solar energy will continue to decline faster than previously thought, reaching lows that will make it the most cost-effective source of power. The decline of solar costs reflects the impressive growth of the solar industry, and it means more companies will be incentivized to embrace this renewable source of energy.
Wright’s Law and How It Applies to Solar Power
Wright’s Law is a concept often seen in the growth of new technologies, and the solar industry is no exception. It states that the growth of an industry is expedited because of a mixture of innovation that changes the technology itself and reduces the amount of labor, time, energy, and raw materials needed to produce it. As the solar industry develops more sophisticated ways to harness energy from the sun, more investors, homeowners and corporations are becoming interested in the promise of solar energy. This increased interest funds more development, which contributes to industry growth. Every time the use of solar energy around the world doubles, the price of building new solar projects decreases drastically.
What Can Texans Expect in the Years to Come?
The next fifteen years show great promise for the solar industry. As prices continue to decrease, it’ll be easier for more homeowners and businesses to make the switch. Solar power will soon be cheaper than conventional, non-renewable energy, which means the environment will benefit from the solar industry’s growth. The next 15 years will be a great time to switch to solar energy as prices continue to drop. With solar energy becoming more valuable, solar power will most likely increase the property value of your home and make it more desirable if you decide to sell.
Make the Switch to Kosmos Solar
If you want to invest in a growing industry, add property value to your home, reduce or completely eliminate your electric bill, and reduce your energy footprint, it might be time to make the switch to solar power for your home. At Kosmos Solar, our team will work with you to determine the best solar panel placement so you can get as much solar power as possible. Our experienced solar technicians work hard to give you installations and maintenance that last, so you can get the most out of your solar panels. For more information or a free quote, call or visit our website today!
