Are Solar Prices Going Down?
Have solar prices been going down lately? The answer is yes! Solar power prices have been dropping faster than anyone expected. Experts initially underestimated the drop in prices and now believe they will drop down even quicker as time passes!
CleanTechnica has revealed that a solar panel per watt in 1975 was $101.05, while more than 40 years later, the price in 2015 was just $0.61.
Bloomberg New Energy Finance's Expert Jenny Chase, had predicted that a solar module that was priced from 62 cents/watt in 2015, will drop to the range of 21 cents/watt by 2040!
These figures have since been reduced even further, with an average solar module sold to a utility scale project in 2017 being about 35 cents. This will drop to 32 cents by the end of 2018, and drop to 31 cents in 2019.
As to some reasons why: the biggest factors resulting in the sharp drop come from the combination of fierce competition and technological advances in every part of the solar panel technology sector. These are being fed through to auction prices for government tenders throughout the world and bidders are seeing plenty of return on their speculation about module prices and EPC costs.
Solar power is going to dominate the energy sector this century. The question is just how quickly it will bring down costs and take over the world. Yet again, the answer seems to be: quicker than people thought.
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