Solar Panel Costs Drop, Solar Power Costs Are at an All-Time Low

This is great news for all solar PV aficionados and green energy advocates as well as ecologically concerned homeowners and business owners: the solar power costs have recorded an all-time low since 2008 records.
According to a most recent study of the prices in solar power costs , the prices of the solar power costs in the US have dropped to about at least $5 per kilowatt on average for residential installations. And for the most part of 2013, this drop is seen to be a continuous trend. And this is all thanks to the drop in solar panel costs.

Solar panels are now being massively produced, raising the supply and competition to a level that is mostly beneficial to more consumers. This makes the idea of getting solar powered homes, using cheaper solar PV units, a more attractive idea.

Apart from homeowners across the country, business owners looking to get a significant decrease in their monthly electric bills and cutting down on their dependence on nonrenewable energy are happy with this drop in solar power costs.

Over the last few months of 2012, and the opening quarter of 2013, several states across the US have recorded an increase in their solar power capacities as well, notably Texas that has risen from rank 13 to 9 in the country’s solar PV capacity. This coincides with the very price reduction in solar power costs.

This favorable decrease in the costs of solar power has started in the middle of 2011 where the prices dropped to a staggering 50%. And the trend is likely to stay for a longer time.

In relation to this, the government’s and the power corporation’s incentives programs on getting solar powered at home and in businesses are getting empowered. One power distributor in Texas, for instance, is raising the incentive for residential and personally owned solar panels. This should encourage the owners more to save up on their grid-line consumptions for better tax and possibly cash incentives. And while commercial solar power distributors enjoy a much lower government incentive rate, the business is still very lucrative for them as there is a foreseen massive shift to relying on solar power for major energy consumption needs.