Source: Bloomberg
Summary
According to a report, the cost of solar panels is expected to decrease by another 30% in the next decade. This decline in cost is likely to solidify solar energy’s position as a leader in the energy market. The report, which cited data from BloombergNEF, noted that the cost of solar panels has already fallen by over 70% in the past decade.
Our Reading
The announcement sounds ambitious.
Solar panels are getting cheaper, again. Costs are expected to drop another 30% in the next decade. Because what’s a few more percentage points when you’re already down 70% from a decade ago? The report from BloombergNEF is just the latest in a long line of predictions about the impending solar revolution. And by “revolution,” we mean incremental cost decreases that will eventually make solar energy almost affordable.
Author: Evan Null
Incremental Progress
The cost of solar panels has been dropping for years, and this latest prediction is just another step in that direction. It’s not like we haven’t heard this before – every year, it seems like there’s a new report or study claiming that solar energy is on the verge of becoming competitive with fossil fuels.
The Never-Ending Decline
At this point, it’s hard not to feel like we’re stuck in some kind of Groundhog Day loop, where the cost of solar panels is always just about to drop, but never quite gets there. And yet, despite the repetition, the cost really does keep going down.
A Leader in Energy Markets
So what does this mean for the energy market? According to the report, it means that solar energy will continue to gain ground on fossil fuels. Which is great, except that it’s not like we didn’t already know that.
Revolution or Evolution?
Is this really a revolution, or is it just the natural progression of technology? It’s hard to say, but one thing is for sure – the cost of solar panels is going down, and that’s good news for anyone looking to switch to renewable energy.
The Fine Print
As always, there’s a catch. The report notes that while the cost of solar panels is dropping, the cost of other components, like inverters and mounting systems, is not. So while the panels themselves may be getting cheaper, the overall cost of a solar energy system may not be dropping as much as you’d think.
