Solar Energy Is Cheaper Than Fossil Fuels
Solar panels are one of the most effective, convenient solutions for creating a more sustainable home, and for most of the history of solar technology, the main limiting factor was the price. However, solar panels have made incredible progress in both cost and efficiency over the past 20 years, and we’re now officially in a new era of solar power: for the first time in history, solar energy is cheaper than energy produced by fossil fuels. At Simply Solar, we’re proud to help homeowners and business owners all over the Bay Area make the switch to rooftop solar systems.
The Cost of Solar Energy vs. Fossil Fuels
It may seem impossible, but it’s true: thanks to the falling costs of solar panel production and installation, as well as the increased efficiency of solar panels, photovoltaic solar power is now cheaper than fossil fuel energy – even without government energy subsidies. According to a 2017 report by the investment bank Lazard, utility-scale thin-film PV solar panels produce energy at a cost range of 4.3-4.8 cents per kWh. For comparison, natural gas energy plants produce energy that costs between 4.2-7.8 cents per kWh, while coal plants 6-14.3 cents per kWh.
This means that at the utility-scale, solar panels are now among the cheapest of energy production options, undercut only by wind power, which ranges from 3-6 cents per kWh. This is a truly staggering development and a testament to the massive advancements that have been made in photovoltaic technology over the past several decades, and it’s exciting to think of the future possibilities this might unlock. There are still many hurdles to overcome for utility-scale solar, as energy storage remains very difficult to pull off economically. But the incredible cost-efficiency of solar energy generation will help incentivize new development and innovation as we transition to a cleaner, greener energy economy.
Contact Your San Francisco & Petaluma Solar Panel Installers
These cost figures are inspiring, but installing your very own rooftop solar system is even better – because once it starts generating power, you won’t pay an extra dime for that electricity. In fact, by selling your surplus power back to the grid, the electric company actually pays you! Want to find out how you can make the switch to solar panels? Get your free solar savings assessment online today. We can’t wait to help you achieve energy independence with a robust rooftop solar system!