Solar energy has become an increasingly viable, eco-friendly alternative for generating electricity in recent years, but recent drops in pricing have made the switch more enticing than ever.
Search4Solar, a European company selling an array of solar products, recently recorded their lowest price for a PV module at only £0.046/W. But what implications does this have on the world of renewable energy?
What’s caused the drop, and what does it mean?
The reason behind this low point in pricing stems from competition within the solar energy market. With multiple suppliers trying to sell more than their opponents, prices have gradually gone down whilst remaining profitable for the respective companies.
Search4Solar also explained that their high production rates and improvements in their supply chain efficiency allowed for this drop to occur, and their changes have inspired other suppliers to follow suit.
Now that the pricing has reached its nadir, we may expect to see further drops in the coming years. With this being a record for the EU, Search4Solar believes that shipping back to China or selling products within Africa could be the next step.
More immediately, there will likely be an influx of new solar panel purchasers and investors taking advantage of the record-low pricing, providing hope that sustainable energy is something that people are willing to invest in – provided the price is right. This even includes the UK Government
Record low costs mean record low prices
According to their business development manager, the new low pricing threshold means that businesses and installers have a great opportunity to invest in sustainable energy. As for their customers, solar panels are available at a record-low price without compromising their high quality.
Of course, you’ll still need an installer to actually get some use out of these solar panels, but there are plenty of options for solar panel installers Clevedon, such as Redbridge and Sons.
This effect isn’t expected to last forever, with the most likely outcome being a feeding frenzy to invest while the pricing is still at its lowest, before supply and demand cause the pricing to readjust.
