Cost of getting Solar is declining every year


Industry Background

The world is constantly looking for alternative energy sources mainly due to two reasons: 1. Oil prices are constantly on the rise and 2. Oil is not an infinite resource. Aside from those two reasons, the world is also looking for renewable and sustainable sources of energy in order to protect and reduce the harm caused to the environment. As you may have already noticed, the deterioration of the environment is highly correlated to the production and usage of fossil-based fuels worldwide.
 
As a matter of fact, the industry has created a new mechanism to encourage the utilization and development of renewable energy resources like solar panel technology, whether in small-scale, commercial or industrial scale. 
 
Aside from the UN's credit, the solar power industry provides many great energy opportunities. According to researchers, the Earth absorbs a total of 3.8-million exa-joules of solar energy on a yearly basis. This fact alone tells a lot about the great potential of solar energy on a wide spread basis.
 
Given all of the above information, it just makes sense for the world to invest in solar energy technologies. 

The govt. of India has taken a great initiative to increase the target for renewable energy from 20,000 MW to 175 GW by 2020. Out of which 40% of renewable energy generation has been allocated for Solar Roof-top segment. To achieve this target, MNRE has laid down the various policies in-coordination with state nodal agencies. The result of which, the power generated from roof top segment can be exported to the power grid. The net/gross metering system has been implemented by various states’ distributing licenses/power utility companies in order to extend the optimum utilization solar generated power.

Cost of getting Solar is declining every year


How much do solar panels cost? This is undoubtedly the question we`re asked the most, and unfortunately it has no straightforward answer. We decided to pull together all aspects of this question, and write the best resource on the costs of solar panels.
 

The total costs are split into system, installation and operational costs, roughly in the following ratios:

Solar panels cost major portion of overall system but the cost is coming down. Solar panels account for average 40% of the overall cost of a home solar power system. When you chose to be solar with SolarBizlee, you don't need to worry about the high cost of solar panels because you can choose whether you want to buy the panels or pay as you go through a lease or ppa.

The total cost of solar system varies depending on which financial option you chose to be solar. In addition, the type of solar panels you choose and the overall size of your system can determine your solar system cost.

If you choose to go solar with SolarBizlee, we purchase the entire solar system for you if you chose lease or ppa option, or you can purchase the system yourself.

The cost of solar panels is declining

Source : Deutsche Bank