The cost of solar panels has gone down by 99% since 1977. Therefore, if you’d like to save money on your utility bills while also reducing your carbon footprint, now could be a great time to install PV panels.

But what are the factors that are causing solar prices to fall? It doesn’t seem all that long ago that installing a solar system seemed expensive, but now it’s possible you could afford to add one to your property.

While this is good news, you’ll want to know the reasons why this change has happened to make sure prices aren’t likely to suddenly shoot up again.

Read on to find out more.

Advancements in Solar Technology

One of the main reasons for lower solar costs is that there have been huge technological advances. These developments have made solar equipment more efficient than ever before.

For example, solar cells can not yet transform most of the energy they receive from the sun into electric currents. But, the conversion rate continues to get higher, and this is a trend that is only likely to increase over time. There are also already solar panels that can track the sun as it moves, allowing the cells to take in more light throughout the day.

Reduced Manufacturing Costs

Enhanced manufacturing processes are another key factor in the fall of solar panel prices. While the materials used to make these systems have been getting cheaper, manufacturers have also streamlined their operations.

As AI continues to bring advantages to the manufacturing market, the methods of making PV panels could improve further. In addition, the increased demand for solar panels could allow manufacturers to scale their businesses and achieve even greater cost savings.

Market Competition

There are now a huge number of solar panel installation companies in the market, and this could continue to drive down the price of solar panels for your property. Solar businesses need to keep the cost of their services as low as possible to avoid losing customers to rival firms, and this means it is an excellent time to get an estimate.

However, it’s important to remember that the cheapest quote isn’t always the best one. Ask a solar expert to visit your property for an in-depth discussion about how PV panels could benefit your home.

You could even find a solar business that can assist with financing. This can help you spread to cost over an extended period.

Take Advantage of Low Solar Prices

While it may be surprising to see such low solar prices on offer, technological developments and manufacturing improvements have allowed companies to drastically reduce their costs. There is also strong competition in the industry, and you may be able to pick up a great deal as a consumer.

If you’d like to go solar, there may never have been a better time than now to book an appointment with an industry expert.

If you’ve enjoyed reading this solar article, then make sure to check out our other lifestyle posts