Posted by Todd Filbrun on Tue, Feb 05, 2013 @ 09:00 AM
Residential solar power has always lagged behind the use of solar for commercial and industrial applications. After all, solar cells have been in production for space activities since the 1950s. However, the combination of new technology and other financial factors are making residential solar power more accessible than ever.
The Cost of Solar Cells is Dropping
A report published by Berkeley Lab indicates that the price of solar photovoltaic panels has dropped significantly in recent years, particularly in 2011 and early 2012. The report found that:
The median installed price of residential and commercial PV systems completed in 2011 fell by roughly 11 to 14 percent from the year before, depending on system size, and, in California, prices fell by an additional 3 to 7 percent within the first six months of 2012.
This is great news for homeowners, and especially for residents of California. The main reason for the price reduction is the actual cost of solar modules, which have been dropping since 2008, but there are other factors in play as well.
Soft Costs Impact Solar Pricing
The same report indicated that costs beyond the modules have also played a role in making residential solar power more accessible to homeowners. Some of these so-called soft costs include:
- Installation labor
- Inverters and other necessary equipment
- Overhead and marketing costs for solar providers
All of these behind-the-scenes costs add up to lower prices for end users. In fact, these costs have gone down approximately 30% since 1998.
Solar Financing Improves Accessibility
Installers have also made it easier for homeowners to invest in residential solar power by offering loan, lease, and power purchase agreement options. These financing solutions offer different advantages and disadvantages, but all of them are designed to make the upfront costs of a solar installation more affordable. In fact, many solar loans can be acquired with no money down and a fixed rate for the term of the loan.
If you are ready to take advantage of the lower cost of solar, work with Kurios Energy to provide your solar installation in the Central Valley. We offer no-money-down financing solutions that allow you to keep your valuable tax incentives and rebates. Schedule a free solar evaluation today to learn more.
Is residential solar power finally accessible to you too?