Solar panel prices have dropped by over 80% in the past 15 years. The trend is expected to continue for the foreseeable future as well. The political impetus to renewable energy production, combined with technological advancements, will progressively make solar panels cheaper with each passing year.
So, as a homeowner, you are faced with a tough choice – should you get a solar power system today or wait for a few more years until they get cheaper?
The answers to these questions are quite simple, which you’ll be able to realize once you considering all the factors at play. So, let’s get started.
A decade or so ago, solar panels used to be quite inefficient. They could not produce enough electricity to meet the energy requirements of an average household. Even small households required large solar arrays to fulfill their energy needs.
Today, things are different. The highly efficient modern solar panels produce sufficient solar energy to offset all the kWh consumed by the households. When you consider that the number of appliances has risen over the past few years, it’s quite impressive. In fact, families can use solar power to meet all the energy needs, including charging their electric cars!
So, the solar era has begun. There’s really no need to wait for solar power to become more efficient, when it’s already able to meet our needs.
Declining Costs, Increasing Utility Prices
Yes, solar panels will continue to become cheaper over the next few years. So, it may be tempting to buy them later when they are more affordable. However, do you know what else is increasing in price during that time? Utility power!
Utility companies increase their prices periodically. With the New Jersey government making it mandatory for utility companies to source an ever-larger share of their energy production from renewable sources, their operational cost has increased. These costs will be again transferred to the consumer.
Can you guess how many times your utility company will increase the prices by the time you go solar?
Whatever you save by putting off your solar installation, you lose it and some more, to your utility bills.
Instant Cost Savings
The moment you install solar power, you start saving on your energy bills. So, you not only save yourself from higher utility bills today, but also from the inevitable future price shocks that your utility company will deal you.
Going solar today in New Jersey is the best decision you can make for your home.