As the price of solar continues to fall, the fiscal sense of a residential solar installation grows.
A lot has happened since 1977. At the time, Star Wars hit the theaters for the first time, Elvis Presley passed away at his Graceland home and Stevie Wonder released his "Songs in the Key of Life" album. This was also a time when the country's energy spectrum looked very different, still relying heavily on fossil fuels.
For years, it seemed as if the price of a solar installation was rather high in comparison to conventional forms of energy like oil or coal. According to a chart from Think Progress, the price of a solar PV cell in 1977 was $76.67/ watt.
The fiscal case
The idea that renewable energy costs much more than conventional source has long been one of the biggest criticisms regarding its expansion throughout the country. While the prospects of renewable energy are nice, the logic would go, the fiscal applicability of such an installation is more difficult. However, this reasoning is fast going out the window with the remarkable progress that has been made in the cost reductions of solar installations.
According to the news source, the supply price for solar modules has fallen by 99 percent to an anticipated $0.74/watt in 2013. On top of this, GreenTech Media reports that c-Si module prices have fallen 70 percent in the last two years. Goals from only three years ago were to have solar modules price down to $1.00/watt, however, the source points out that the best-in-class Chinese producers are now approaching costs of $0.50/watt in 2013.
These advancements bode well for residents throughout the country who are seeking to install panels on their roofs. Compounding these falling module prices are the numerous state and federal government incentives that are working to further reduce these costs. With many states now implementing renewable energy portfolios, places like Massachusetts, Connecticut and New Jersey have all become fertile grounds for the installation of solar.
These monetary benefits go beyond just the cost of electricity. With the effects of global climate change becoming more pervasive throughout the country, the damages that have been brought about by severe weather are growing more costly.
According to government figures, Superstorm Sandy alone cost the country about $65 billion in damages, while severe weather in general has cost another $11.1 billion approximately. In total, weather disasters cost the entire American economy over $100 billion.
With these falling installation prices and the damages from climate change growing, citizens can no longer afford to subscribe to the dying myths of renewable energy.