Technology for using solar power has been around for quite some time now. Scientists have known for centuries that the sun can be used to produce energy and even mankind has been utilising the sun’s energy since as early as 7th century BC, wherein it was used to light the torches. Later, it was used for several different purposes- solar-powered steamboats, sunrooms, etc.
In fact, it was in 1839, a French physicist named Edmond Becquerel built the world’s first photovoltaic cell. Since then, solar technology has been taking off and new research-based breakthroughs have been achieved almost every year. The last few years have really been the reason for the newfound utilities of solar energy. Even the price of several aspects of harnessing solar energy has nosedived- be it manufacturing, be it logistics and yes, of course, the technology involved has also become inexpensive. This has made it possible for a normal household to utilise solar energy without fretting much about its cost.
We are also playing our part in this development with our launch of the Monthly Payment Plan for solar rooftop installations. The introduction of this plan has made it possible for every Indian household to access the energy from solar rooftops while they pay a minimum payment of ₹660/month. You can find more information on the plan here in the article: ZunRoof Now Makes Solar Rooftop Affordable for Indian Homes
Reasons For Lowered Cost of Solar Power Systems
As compared to 1990s, the cost of a solar panel system has reduced almost 100 times. Certified solar installation companies are plentiful and utility companies all over the country work with homeowners to make solar installation easy. Every year, it’s becoming more affordable to install solar panels—in fact, solar officially became cheaper than traditional, carbon-based fuel sources in several countries just last year.
Here are the reasons that have contributed to the fall in solar costs and made it more affordable
Increased Awareness
Recent years have marked a tremendous popularity of solar energy and the benefits it entails. The increasing popularity has attracted more investment in the solar energy sector. As there is more capital with the industry, cheaper technologies and panels have been developed.
Lucrative Subsidy Schemes
Thanks to various incentives and schemes provided by the government of almost every country across the world, the cost of solar rooftops systems to normal people have reduced. It has also encouraged people to invest in the solar sector, which has eventually led to the lowering of the total cost involved.
Decreased Soft Costs
Outside of material and installation, solar panels require a host of soft costs like permitting, inspection, transportation, marketing, financing and customer acquisition. It is noteworthy to mention that these soft costs often represent more than half of the cost of a residential solar system. Fortunately, fast-paced development around the solar industry has helped address market-slowing information gaps and drive soft costs down countrywide.
Developing Technology
Major credit for the lowered cost of solar energy goes to the development of the technologies involved in the solar industry. Right from extracting raw materials for solar panels to harnessing maximum energy from the sun, and every process in-between, various technologies have made them easy and cost-effective.
Although solar energy is booming in India, it is still at its infancy. Still, these developments, all represent a huge win for the solar industry. In the next few years, we could see it unleashing its full potential and disrupting the energy industry and we could possibly see even further cost dip.
Do give our blog a read for all your solar-related questions. You can also check out other interesting updates on solar on our Facebook page (facebook.com/zunroof)
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