The concept of using the abundant solar power to generate electricity is not a unique one. Many individuals, currently in areas with plenty of sunshine, have tapped this renewable source for providing electricity for operating both industrial and consumer products. Considering the soaring costs of conventional energy, more and more homes are turning towards solar energy for their needs. And it gets better, as continuing research has increased hopes that solar energy might be even more cost-effective in the next couple of years.
Cheaper solar power in five years
Together with continuous research and new developments in the solar industry, solar power can get more cost-effective and available to a lot more consumers in a period of just 5 years. As outlined by a report from Bloomberg.com, Mark.M.Little, global research director of GE declared that the electricity produced by way of solar panels would likely end up more cost-effective than energy furnished by fossil fuels or nuclear reactors within the next 5 years. This, he was quoted saying, may be probable with innovations like the efficient thin-film panels that lower the manufacturers’ costs, even without considering the government subsidies.
GE is also intending to set up a plant, that should be functional in 2013, where the thin-film panels will be manufactured. By manufacturing these thin-film panels and maximizing their effectiveness, the company intends to reduce the costs and manufacture enough panels to produce solar electricity in 80,000 homes. Even while powering thousands of more homes with solar energy should be attainable over the next few years, a complete transition with a solar smart grid is likely to take quite a long time, according to Mark Little.
Statistics show falling solar power costs
According to current data revealed by the Energy Information Administration, the average cost per kilowatt-hour of solar powered electricity in 2009 ranged between 6.1 cents in Wyoming to 18.1 cents Connecticut. When the average retail rate is 15 cents or less per kilowatt-hour, many people will be able to afford solar electricity, Little said. With the decrease in cost of solar cells, that make up the solar panel, the overall cost of solar power has reportedly decreased by a great extent this year. This cost might further reduce should the thicker solar cells, which use a rare and expensive metal called indium, are replaced by the thin-film panels made of glass or metals like cadmium telluride or alloys of copper indium diselenide.
A further decrease in costs will heighten the use of solar energy and decrease the amount of dangerous gases released by burning fossil fuels, which bring about global warming. Several people, who live in locations where there is abundant sunshine all year round, are turning to this renewable energy source for creating electricity to operate their household equipment such as water heaters, battery chargers, lights, displays, and even ovens. This not only lets them access the free and unlimited solar energy for many purposes, bringing down their costs over time, but also helps them reduce their carbon footprint for resulting in a greener and cleaner environment.
