15 Jun What Rising Solar Panel Manufacturing Capacity Means For You
With more countries, people, and policies shifting towards renewable and alternative forms of energy, the industries that specialize in these areas continue to expand and grow. The Solar Photovoltaic Industry has seen continued growth, in some cases faster than expected. According to Mark Osborne, editor of Cleantechnica, “the fourth quarter of 2017 saw the highest ever recorded levels of new solar PV manufacturing expansion announcements for a quarter, totaling around 40 gigawatts (GW) across the thin-film, solar cell & module assembly, and integrated cell & module manufacturing segments”. The increase in Solar Panel and Photovoltaic Systems manufacturing only means positive things for consumers, residential and commercial alike.
Technology Advancements Drive Growth
Increasing production means that many companies are expected to develop and improve upon the solar panel technology they manufacture. As solar energy companies expand and continue to find cheaper ways to manufacture solar panels, so do production techniques to make them more efficient. The expansion and continued growth of solar modules is moving at unprecedented rates according to Finlay Colville, Solar Media’s Head of Solar Intelligence. The technology is moving at faster rates than ever before. Developments in wafer and cell manufacturing require significant upgrade spending as well as new capacities to be installed.
Could Reduced Price Be on the Way?
As the advancements in technology progress, the cost of manufacturing is falling, and demand for solar panel systems and products is reaching new heights. Experts expect this to drive prices down to meet consumer demand in the future. In 2018, the average cost of solar Panels ranged from $11,380 to $14,990 (after tax credits) according to Energysage. Compared with last year, prices dropped 6.5 percent and are only continuing to fall. The average cost in 2018 for homeowners is between $2.71 and $3.57 per watt on an $18,840 solar panel installation before tax credits. As the rising manufacturing capacity increases throughout the year and with policies like the one recently passed in California, prices are only expected to fall further.
Save with Solar Panels from Bison Roofing & Solar
Now is an exciting time for the solar panel industry and green activists alike. Capital expenditures for the Solar PV Industry are expected to increase by at least 25%. Investments that cover ingot, wafer, cell, and module capacity manufacturing, are expected to surpass the $10 billion mark, as predicted by Finlay Colville.
Take advantage of these falling solar panel prices today at Bison Roofing & Solar. We are committed to bringing you the best quality solar energy products and professional installation. Call us today at (954) 541-5197 or visit our website for a free solar evaluation!