Posted By: Dave Gralnik
Energy and Sustainability Services
In 1977, the average cost of solar panels was about $77/watt .
Today, the cost is a little over $.60/watt.
Utilities, commercial buildings and even home-owners are responding as you might expect … solar installations are booming.
In fact, for the first time ever, more new renewable electric generating capacity is being added to the world’s power grid (dominantly solar) than capacity from fossil fuels. At a recent New Energy Finance Summit, Bloomberg reported that in 2013 the world added 143 gigawatts of renewable electricity capacity, compared with 141 gigawatts in new plants that burn fossil fuels.
The good news is that all trends indicate the price of solar panels will just keep falling. Manufacturing processes and economies of scale are pushing solar power costs ever downward.
With incentives and long-term purchasing arrangements, in some places solar power is actually cheaper than conventional electricity.
The solar power “tipping point” has arrived.