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Is the Cost of Solar Going Down?

There is no doubt that there is a growing demand for solar power. The reasons for this are not too difficult to understand. The cost of power derived from conventional energy sources like coal and water is increasing quite significantly. Further, coal is a depleting natural reserve, and therefore there obviously is a shift towards renewable sources of energy. Solar power, without any doubt, is one of the most promising sources of renewable energy. Hence it is normal that you and I could be on the lookout for a suitable solar company in Menifee

However, compared to the actual demand for solar power, the demand is tepid and lukewarm so far. This is mainly because of the overall initial investment that is needed in installing solar panels and distribution systems. But things are looking up because the cost of solar power is going down. It would be interesting to know the reasons for it and then perhaps be on the lookout for the best solar installation in Menifee. Let us look at a few reasons as to why the costs of solar are going down. 

The Decline in Photovoltaic (PV) Modules

There are many reasons for the southward movement of PV rates. This is because of better technology and the government becoming proactive rather than being reactive. The conversion efficiency has also gone up quite a bit, and this also has contributed to the drop in costs of solar power generation. 

Economies of Scale Also Have a Role to Play

Those who have been closely following the costs of solar power costs also have been monitoring costs vis-à-vis other factors. One such factor is economies of scale. As the number of solar panels sold increases and as more homes and offices go in for solar power, the cost of research also comes down quite a bit. This makes it possible to come out with more improvements and more efficient technology, and this also could be a big reason for the downward movement of solar costs. 

If you ask questions of any solar panel installation in Menifee, researchers will talk about factors that could push the costs of solar power even down quite a bit. It would be pertinent to mention here that market growth alone may have contributed to more than 60% drop in solar power generation costs. Policy decisions, government tax holidays, and other such factors also have contributed quite a bit to the good news in the solar power industry. 

Abundant Availability Of Renewable Resources

Another possible reason for the ever-plummeting costs of solar power is perhaps the fact that solar energy or sunlight is abundant and available almost round the year. This is unlike wind energy or other forms of energy sources that are cyclical in nature. Hence, when the above factors are taken into account, there are reasons to believe that solar power usage is set to take off. Also, solar is showing stunning growth in the next few years. On a rough estimate, the growth percentage could be around 20 to 25% every year.

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