Back in 2001, our CEO, David Kelly, installed a 600-watt solar electric system and a solar thermal system with two collectors, for his house in Calgary. The 600-watt solar electric system, which is still functioning smoothly till today, is made up of eight Connexa Energy BP 75 watt modules and a Xantrex SunTie 1500 inverter. Just the wholesale cost of the parts alone was $12,000! Today, it costs only $2.75 – $3.50 per watt for a typical residential installation, inclusive of installation and warranties.
While the cost of solar panels varies based on the type and efficiency of the solar panels, the type of panels used for residential solar installations are fairly standard and the costs are basically set globally. The cost of these solar panels has reduced dramatically within the past few years. They’re now about half the price they were in 2008, and about 100 times lower than they were back in 1977. Even though solar prices are currently at an all-time low, it may not stay that low for much longer. Recent global PV forecasts suggest that prices of solar panels may increase by the end of 2014. However, it is worth noting that the cost of solar panels only makes up 25 – 30% of the total cost of an installed system.
So what does this mean for the average consumer who is interested in solar for their home or business? There’s no better time than NOW to invest in a solar electric system! Prices are down and on a good roof today, the price of installing solar is in many cases less than buying power from the grid. It’s the perfect time to start generating your own clean green power and lock in your electricity rate at a lower rate for the next 25 – 30 years.