Plummeting solar costs: is your business taking advantage?

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Originally posted on May 31, 2017

Solar energy is one of the cleanest and most abundant renewable energy sources available globally, and the U.S. has some of the richest solar resources worldwide. Over the last decade, the solar industry has grown at an unprecedented rate: employment in this sector grew at the fastest pace in roughly seven years accounting for 2% of all new US jobs in 2016 and is currently growing 12 times as fast as the US economy. Moreover, the industry has an undeniable positive impact on the life of American families: every megawatt of solar installed adds $2.5 million and 20 construction jobs to the local economy.

 

 

Today, the cost of solar panels is more than 100 times less than the cost of solar panels were in 1977 (less than $0.50/watt compared to more than $76/watt), and the trend indicates that costs will continue to decrease as the industry keeps growing. In its New Energy Outlook 2016, Bloomberg states that wind and solar energy will become the cheapest way of producing electricity in many countries during the 2020s and in most of the world by the 2030s. Moreover, the report also mentions that solar PV costs will fall by 60% by 2040, becoming even cheaper than natural gas in the medium-term. The graph below demonstrates that the gap between the cost of solar energy and natural gas has started to close over recent years.
 

Big companies such as Facebook, Apple, Google, Amazon, Walmart, and others switched to solar energy years ago, when the cost was even higher than it is today. However, many small and medium businesses have not been taking advantage of this opportunity because either they find the process complex and confusing, or they simply lack education about all the federal and state incentives associated with solar. Now, these businesses can use an innovative service of outsourced procurement services that will give them both the buying power of the market leaders and all the advantages associated with solar, including less pollution generated in the environment and a positive impact on a company’s reputation, while generating savings sustainable in the long-term as the price of this technology is not affected by the fluctuations on fuel price, and tax incentives at the Federal and State levels remain attractive.

Is your business taking advantage of this extraordinary opportunity? Do you want to go solar? As the leading marketplace and broker for commercial solar, SolarKal will work with you to value the potential savings that your business can generate by converting to solar. Our large database of experienced solar installers allows us to offer multiple solar options, and ultimately the best possible economics and deal. We take care of the process, from initial analysis, to negotiation, to final installation, making sure that your business becomes energy efficient and saves money while doing so.

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