The cost of solar power has been steadily declining, as technology allows for the production of solar panels in a more efficient manner, and the increased level of production creates efficiencies of volume. A report published by the International Renewable Energy Agency confirms that the cost of solar panels is today more than 80% less than it was as recently as 2008.
This trend is expected to continue, so that one of the biggest single arguments against solar power loses much of its relevance. The majority of this tremendous cost reduction has occurred in the production process, which still leaves much room for savings in the energy storage and transmission areas.
With the hardware expense issue rapidly dissolving, businesses can really save on their electric bills, with very low ongoing costs. Even when a business does not have its own solar panels installed, it can take advantage of low-cost solar energy provided by commercial solar power installations.
Advantages of Solar Power
Probably the most important advantage of solar power is that it makes use of a renewable energy source, i.e. sunlight, which is converted into electrical energy. As opposed to fossil fuels and other non-renewable energy sources, sunlight is virtually limitless, and it costs nothing at all. Of course, there is a cost associated with the hardware needed to convert it into electrical energy.
If you compare solar panels to other methods of generating electricity, solar energy is far cleaner and greener. Because sunshine is available all around the world, solar energy can be converted into electrical energy even in the most remote areas on earth, where no infrastructure exists for providing electrical energy.
In line with its excellent green appeal, solar energy is also converted into electrical energy in a noiseless process that does not contribute in any way to noise pollution which plagues metropolitan areas, and even sometimes suburban settings. Perhaps best of all, once solar panels have been installed, their ongoing costs are almost nil, and their useful life can be as much as 25 years, operating very near their initial capability.
For businesses, the savings from going solar can be tremendous. According to a study conducted in 2011, businesses in most areas of the country can save between $20,000 and $38,000 over a 20-year period, although in Hawaii that figure soars in excess of $60,000. Regardless of your location, the conclusion is obvious – solar energy is the most inexpensive source for electricity now, and for years into the future.