The Nuts and Bolts of Solar Panel Efficiency Improvement and Lower Costs
Solar Panel Efficiency & Cost Have Improved Over Time
Solar energy has been around for a while. The beginnings of photovoltaic (PV) technology were in 1883. The first working solar panel, capable of running household appliances, was made in 1954 at Bell Labs. Over time, solar panels have become more efficient and affordable while manufacturing has improved.
Prices Are Dropping
Since the 80’s, solar panel costs have dropped by 97%. Government policies have helped to make it a more competitive market, leading companies to find the lowest prices for manufacturing. However, competition is not the only cause…
Advances in Technology & Efficiency
The original solar panel cells were only 1% efficient. Now, the top efficiency solar panels are at 25% and above. We only use the highest quality and most efficient panels available. We use LG and Trina for home installations, and JA Solar, Talesun or LG for commercial. Our solar panels can produce 70% more electricity over 25 years. Solar panels are getting better and better at turning the sun’s energy into electricity. The more efficient each panel, the less panels that are needed. Small sized PV systems, that cost less per watt to install, is the modern trend.
Solar Pays For Itself Eventually
Solar panels are cheaper and more efficient than ever before, and you can lessen the time it takes to pay for installing a high efficiency solar PV system in several ways. One of the biggest ways to shorten your payback time is to apply the Federal Solar Tax Credit.
2021 Federal Solar Tax Credit
This tax incentive has existed for a while and still provides great savings on installation, quickening your return on investment. Homeowners who invested in solar panels in 2020, can claim 26% tax credit on installation expenses from their federal taxes. In 2021, the solar tax credit is reduced to 22% and unfortunately will no longer be available for residential installations in 2022 and going forward.
SMART Incentive Program
This profitable program will actually pay you for using energy from your solar panels! A monthly payment is sent to you, based on your solar energy production. Those who were there for the initial startup have attained up to $15,000 over ten years, averaging about $125/month.
Now Is the Time
With lower prices, higher efficiency and great incentives, now is the time to switch to solar! Keep in mind that each home is unique. Our professional solar contractors will consider all your energy requirements and intentions, to design a solar panel system that works best for you.