Cheap Solar Power is Getting Closer

cheap solar power

With the increasing demand for solar energy, cheap solar power is getting closer as the years go by. Giant international corporation GE is even making predictions that solar energy will become cheaper than fossil fuel, the primary source for traditional electricity, in about five years from now. In fact, the cost of purchasing and installing solar power units has actually decreased by up to 21 percent for this year. The prices have been constantly decreasing from 15% to 20% since 2008.

Various private companies and individuals are developing new technologies which will make cheap solar power as an alternative to the increasing cost of electrical utility bills. There are actually variations of solar cells already being offered in the market today. These do not yet match the efficiency of more expensive solar cells but they’re getting there. Some of these cells are made from the following materials and are characterized by thin films: silicon, CIGS or copper indium gallium selenide, cadmium telluride, and a combination of abundant minerals copper, sulfur, zinc, tin, and selenium. The latter group makes the product more affordable due to the abundance of the minerals used. Cells made of kesterite are also being studied by major solar cells manufacturing companies.

Cheap solar power kits for rent

Another option which can contribute to cheap solar power sources are rent to own solar power services. These units can be purchased like any other appliance or property you buy with a deposit and monthly installment fees. Some of the companies that are already offering this option are SolarCity and its competition Sungevity. These companies are leasing solar arrays for California households. SolarCity was able to gather over 100 leasers when it started offering this option back in July of this year (2011).

The option to rent cheap solar power solutions has made solar energy more affordable even for average homes. Earlier than 2008, solar cells are sold at over $30,000. Today, they are available at around $10,000 in price. With companies leasing the units, it’s even possible for regular households to be able to purchase a unit for their homes.

Companies offering cheap solar power units for lease are normally charging a monthly payment of about $117. The whole term may last up to 20 years with the monthly rates increasing by 3% to 4% per annum. There is an option for a zero down payment leasing but in case the leaser pays for a down, the monthly payment’s rates are of course lower. Although the recuperation period will last for years, homes renting solar cells will see an immediate return with lowered monthly bills. Also, once they earn the full rights to the cells in about 20 years or so, their children and grand kids to be will benefit the most from completely reaping the harvest of investing for solar cells today.

Aside from the efforts of cheap solar power production companies, the government is also taking part in making solar energy more readily available for homes. Tax reduction of up to 30% is offered for families which will install solar cells. Aside from this, local loan grants amounting up to $3,000 is also available to offset the cost of purchasing solar panels and making cheap solar power closer to reality.

About Maria Marilyn:
Maria Marilyn is the editor of TechBugs. Catch her on this blog and on Twitter.

Maria Marilyn is the editor of TechBugs. Catch her on this blog and on Twitter.

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