Investing in solar panels and equipment may seem like a pricey way to help the environment and save some money on energy. But the price of solar is well worth the investment. Not only will solar energy save you money in the long run, the efficiency of solar has gone up as the prices have dropped. 

Solar has been around for a long time. An article from EnergySage mentions that the first useful solar cell was invented over 60 years ago by Bell Labs. It has only been in the last 10 years that solar has become a popular source of renewable energy. Solar technology continues to improve as it becomes a more widely used energy source. And while the technology advanced, the prices get better as well!

In the 1800s, when the first solar cells were invented, they had an efficiency of less than 1 percent. In 1954, Bell Labs created the first useful silicon solar panel with an efficiency of 6 percent. Since this time, solar technology has advanced and evolved rapidly, getting more and more efficient over the years while being offered at better prices. 

This improvement in solar price and efficiency is what makes this technology worth the investment, not to mention the money it will save you on energy in the long run. At Advanced Power, we offer high-quality solar water pumps for agricultural, oil fields, commercial, and domestic use. We can even create custom solar equipment for you based on your needs and application. These solar products are built with the best material and advanced technology, making them durable and efficient.

We have been in the solar industry for 30 years and have seen the prices fall as the technology has improved. While solar still has potential to get better and more efficient, there has never been a better time to invest in solar energy. Let’s take a closer look at how solar has changed over the last 30 years! Read on to learn more. 

Improvements in Efficiency

While solar has been around for decades, our solar experts got into the business 30 years ago. But let’s start in 1960, only six years after Bell Labs achieved 6 percent efficiency with their silicon solar panel. 

1960

The solar panel efficiency quickly increased in those six years, rising from 6 percent to 14 percent. Hoffman Electric was able to achieve this efficiency in solar photovoltaics (PV) cells. 

1983

Five years before Advanced Power started, the worldwide production of solar photovoltaic reached and exceeded 21.3 megawatts. This increase was due to the lower cost of price per watt. According to a National Geographic article, in 1977, President Jimmy Carter installed solar panel at the White House and promoted solar power. This helped to reduce price per watt from $100 to about $20. Because of this price reduction, PV production was able to increase to 21.3 megawatts. 

1992

In 1992, the University of Florida created a thin-film cell that had an efficiency of 15.89 percent. The year before, President George H.W. Bush has the U.S. Department of Energy establish the National Renewable Energy Laboratory. 

1999

Thanks to the National Renewable Energy Laboratory, there was an increase in photovoltaic production which hit 1000 megawatts in 1999. 

2012

Over the years, solar has become more and more popular and more politicians are getting behind this improved source of energy. While he was the governor of California, Arnold Schwarzenegger proposed the Solar Roofs Initiative, wanting one million roofs to include solar panels by 2017. More solar panels are added to the white house, and in 2012 Solar Frontier hit a mark of 17.8 percent efficiency. 

2015

In 2015, the efficiency of solar increased drastically. From 2012 to June of 2015, solar efficiency went from 17.8 to 18.2 percent, thanks to First Solar. During the rest of 2015, solar capabilities increased even more. SolarCity was able to achieve 22.04 percent of solar productivity in October. And a month later, Sun Power achieved 22.8 percent. Solar efficiency was increasing rapidly!

2016

In January of 2016, the National Renewable Energy Laboratory (the one started by President George H.W. Bush) and Swiss Center from Electronics and Microtechnology were able to achieve a solar efficiency of 27.8 percent. 

2017

A group of U.S scientists developed a solar cell prototype that has a 44.5 percent efficiency.

Solar efficiency continues to improve, year after year! It is amazing to think that it started at 6 percent. While the efficiency increased, the prices have decreased, making solar power more and more desirable. How much have solar prices dropped by? Read on to learn more about the prices of solar over the years. 

Solar Panel Price Drops

According to RS Energy, the cost of solar panels has dropped 85 percent in the last 10 years. That is a drastic drop, especially considering the solar panels continue to get better. 

According to a Wikipedia article, which discusses the history of solar cells, in 1955, solar was very expensive. During this time, the efficiency of solar was about 2 percent and it cost $1,785 per watt. Luckily, as the solar industry improved the capabilities of solar, the price decreased drastically. 

Fast forward to 2008. Ten years ago, solar panel installation cost $8.82 per watt. Solar continues to improve in efficiency and drop in price. In 2014, the cost was $3.86 per watt; $3.79 to $3.69 in 2015; and $3.57 to $3.36 in 2016. Today, the national average for cost of solar panels is $3.14 per watt, but the price can range from $2.71 to $3.57. That is a huge drop from what the price was in 1955. 

It is predicted that the prices will continue to decrease while the efficiency increases. This will help make solar panels affordable for more farms, businesses, and families, helping us to use a better source of energy and allowing us to save money with this investment. 

If you have been considering investing in solar, now is the time. With solar water pumps from Advanced Power, you can save money, help the planet, and make your irrigation system more efficient! With improved solar technology and more affordable prices, investing in solar is a great option at this time in solar history. While it will likely improve even more in future years, you may as well get a head start, begin saving money, and enjoy the benefit of solar equipment. 

Feel free to contact us with any questions you may have about our products, solar power, or to learn more about our custom orders.