Are you thinking about switching to a green energy source like solar? Ten years ago, that type of decision would probably have seemed a bit daunting. There were a lot of costs to consider, like the cost of the solar PV cells as well as the cost of installation, and all of that weighed against the price of batteries to store the excess energy to be used when the sun isn’t producing enough energy to power your needs. Well, as much of a stigma as that initial concern may have created, you don’t need to worry quite so much about whether the costs of installation will balance out now. Technological advancements have driven the prices of solar PV equipment and installation down, and increasing efficiency makes them a more productive investment than their past potential may have suggested.
How solar PV has changed over the years
It’s no coincidence that solar PV is one of the most well-known sources of green energy. A lot of investment and development has gone into making solar PV more affordable and efficient over the past 10 years. In fact, scientists have actually been able to increase solar PV efficiency from the 6 per cent efficiency of days past up to 46 per cent efficiency—although the technology that was required to produce that level of efficiency isn’t quite affordable enough for the everyday home. Most home and business solar PV installations are looking at between 19 and 21 per cent efficiency—which is still able to produce approximately 25 per cent more electricity than the solar panels that made up the market 10 years ago.
How does that compare to costs?
As solar PV has been increasing in efficiency over the past 10 years, it has also been decreasing in cost. In fact, solar prices have fallen by close to 60 per cent—from approximately $8.82 per watt ten in 2008 to $3.14 per watt today. Those prices are still seeing a decreasing trend going into the future as well.
Of course, price and efficiency aren’t everything.
Well, okay. They are worth a lot when it comes down to it, but there are some other contributing factors to consider. Solar efficiency has improved as the price has decreased, and that makes solar a smart investment based on sheer value potential, but there are a few other opportunities involved in solar that you should take note of. First, there are a lot of government incentives out there right now. The Canadian government is pushing its investment in solar energy to help diversify Canada’s energy-based economy, and that means you can cash in on some cost-reducing incentives to make solar PV an even more valuable investment. Further, there may be ways you can get involved in using solar or other green energy resources without having to install a solar PV cell on your property. Contact your energy provider or visit us at Energyrates.ca to learn more about the solar PV and other green energy opportunities you have available to you.