Affordability of Solar
Solar is becoming more and more affordable for the average consumer. In particular, rooftop solar has increased in popularity in the past years especially because it is available and affordable to install in homes
The IEEE, the world's largest technical professional association, says solar photovoltaic (PV) systems "have the potential to be the most economical form of generating electricity, even compared to traditional fossil fuels." The International Energy Association reports global solar PV capacity has been ramping up at an average annual growth rate of over 40% since 2000 – and that by 2050 – admittedly a long time away - solar PV will provide 11% of global electricity production.
In addition to cost, there are noteworthy advances in solar technology as well. For instance a company called 1366 Technologies has developed a more cost-efficient way to produce silicon wafers for solar panels. The University of Missouri has an effort to develop a flexible solar sheet that captures more than 90% of available light compared to the 20% most solar panels capture. There is a new breed of micro inverters that convert the direct current generated by solar panels to alternating current that feeds into the grid.
In the United States, Federal Incentives play in enormous role for the development of solar. The 2009 American Recovery and Reinvestment Act included a tax credit for installing a home solar system which would pay for 30% of your overall solar system. This tax credit was recently extended through 2016.
State Incentives can play a huge role as well. Each state has different incentives for installing solar panels and some are better than others. California has a cash rebate system in place which can reduce the cost by 10% to 15% at the time of installation. In addition, there are cities and utility companies in California that offer additional incentives. Arizonans can get up to a $1000 tax credit when you lease or buy your system. Massachusetts allows a 15% tax credit against the state income tax for up to $1000 and any renewable energy structure is 100% exempt from property tax. If you are interested in finding out if your state has similar incentives, check out this link: http://www.solarhome.org/solartaxincentivesbystate.html
The Department Of Energy says as much as 40% of a solar energy project is the result of balance of system costs, including the investment needed to pay for siting, permitting, and installing the project and connecting it to the electric grid.
To learn more, please join our Clean Energy Initiative at 12:00 pm for an insider discussion of the ascent and maturation of solar technology, The Speed of Solar: a Review of the Tremendous Progress Solar Power Has Made in America. This lunchtime discussion will highlight this growth and feature Danny Kennedy, founder of Sungevity, the fastest growing solar company in the US, Andrea Luecke, Executive Director of The Solar Foundation, and Rachel Tronstein, Clean Energy Advisor in the Office of Energy Efficiency and Renewable Energy at the U.S. Department of Energy.
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