A Bright Future with Solar Panels

Alternative energy is the future since it promises clean, endless electricity. Solar panels' photovoltaic technology will provide most of that energy by harnessing sunlight, but the price has been too expensive for most homeowners until now.

Industry Leaders

Google has made headlines over the past few years by turning its facilities "carbon neutral" by ensuring that they don't add net carbon dioxide to the atmosphere. In its efforts to combat global warming, Google has bought millions of dollars' worth of solar roof panels, powering everything from electric car ports to its massive server farms.

With such a powerful organization throwing its weight behind the technology, solar power gains a great deal of legitimacy as a viable alternative to the power grid. Google is far from alone in its investment however. The U.S. and European governments have promised hundreds of billions of dollars over the coming decades to improve photovoltaic panels even more.

Rising Efficiency

Early solar panels were plagued by mediocre efficiency. Thankfully, researchers have been able to increase panel efficiency so that a panel today will generate much more electricity than a similarly sized panel from a decade ago. Less panels means less cost. Expected improvements over the coming decade include panels which can capture more of the light spectrum, including ultraviolet radiation.

Lower Costs

Several factors contribute to a much more comfortable price tag. With a solar panels home going mainstream, companies are ramping up their production. The same phenomenon happened with cars, computers, and most other products. With more units being produced, manufacturing costs fall dramatically. Those savings are then passed onto homeowners and businesses.

Government and businesses subsidies also make solar panels more affordable. According to a Forbes Publication, the U.S. government enacted a tax credit of up to $7,500 for homeowners who installed solar panels onto their homes. Many power companies also feature various credits and rebates, shaving off thousands more from the cost of a new solar power kit.

Conversely, rising power costs make alternative energy more attractive. Considering electricity at upper tiers of usage can surpass USD $0.15 a kWh, a $20,000 5,000 watt solar power kit will pay for itself in about 15 years with no rebates and no power cost increases. Considering both of those factors that same solar power kit should actually pay for itself in closer to 7-8 years.

For homeowners who still can't afford the upfront costs, there's an innovative program to make the kits affordable to anyone. In many areas, power companies will install solar panels on your home to no upfront cost to you. Instead, you'll continue paying the same monthly bill, and they'll deduct the savings from your balance. It is great idea indeed because there are many solar-powered inventions that will make your life easier and will help you save a lot on electricity bills.