The cost of solar energy has been declining rapidly in recent years, making it more affordable than ever for homeowners and businesses to switch to solar power. According to the Solar Energy Industries Association, the average cost of solar panels has fallen by more than 70% since 2010. This means that solar energy is now competitive with traditional forms of energy, such as coal and natural gas.
The declining cost of solar energy is being driven by a number of factors, including technological advances, economies of scale, and government incentives. Solar panels are now more efficient than ever, and they can be manufactured at a lower cost. In addition, the growing demand for solar energy has led to economies of scale, which have further reduced the cost of solar panels.
Government incentives, such as tax credits and rebates, are also helping to make solar energy more affordable. The federal government offers a tax credit of 26% for the cost of solar panels, and many states also offer incentives. These incentives can help homeowners and businesses save thousands of dollars on the cost of solar energy.
The declining cost of solar energy is a major milestone for the renewable energy industry. It means that solar power is now a viable option for a wider range of people. As the cost of solar energy continues to fall, it is likely to become even more affordable in the years to come.