New research claims that solar panels will become even more affordable in the near future. The cost of solar panels will decrease in part to the life expectancy of a solar panel. It was initially thought that a solar panel would last only between 10-20 years; new studies have shown that they can last up to 30 years.
Green research institutes as well as various governments have been encouraging consumers to choose solar energy. In addition to encouraging consumers, they have also been encouraging financial institutions such as banks to make the finances available for this type of purchase.
Across Europe, and even China, governments have been giving financial incentives for those private citizens who upgrade to solar energy. This, of course, has decreased the cost of solar panels and increased demand. India and the United States have incentive plans in the works but have yet to release and implement them.
Paying itself back is the name of the game. The real expense of solar panels is buying the physical equipment and paying for installation. The rest is basically free because you are relying on natural, free energy.
The renewable energy industry, the solar energy field in particular, has very enthusiastic goals. These goals include making solar energy as cheap as the electricity we use today. The aim is to make Europe at least half dependent on solar energy as opposed to electricity grids by 2020.
Increase demand for renewable energy is growing around the globe. This means that the solar panel industry will boom, creating more profits for the companies involved, allowing them to cut costs even further.