As each year passes the solar energy market continues to expand and prices keep falling. If the current trend continues, it won’t be too many more years before solar electricity becomes as cheap as electricity produced by nuclear, coal, or natural gas.
To put into perspective the amazing technological leaps that solar has made, here are 10 amazing solar energy facts you should know.
1. The Price of a Solar Panel Today Is 227 Times Less than it Was in 1975
The cost of solar panels continues to drop at an incredible pace. This is due to a combination of things including economies of scale (mass production) and technological innovation. In 1975 the cost of a solar watt was $101.50. Today it is only $0.447.
2. A Solar Panel Today Costs 70 Percent Less Than it Did in 2010
To give you an idea of just how fast the cost of solar panels is dropping, in 2010 the average price for a solar watt was $1.50. Today it is only $0.447, a 70 percent decrease in price. Just imagine how little it will cost in another 20 years!
3. In Some Places, Unsubsidized Solar Power is Already Cheaper Than Natural Gas, Coal, or Nuclear
The lowest wholesale solar price bid ever recorded was $0.0299 per kilowatt hour. This was a completely unsubsidized bid. We aren’t too many years away from solar being the cheapest form of power generation.
4. The Price of Utility-Level Solar is Nearly On-Par With Natural Gas Power Plants
The cost of solar electricity production at the utility level has already fallen enough to make it competitive with electricity from natural gas. As the price continues to fall, solar will eventually become the dominant source of power in the world.
5. 64% of All New Electricity Generation Capacity in the US in 2016 was from Solar
This represents a massive expansion of solar electricity generation. It will only continue to grow as the years pass.
6. In 2016 the Average Cost of an Installed Residential Solar Roof Was $3.21 per Watt.
Just imagine every roof in the world having a solar installation to help out with heating and cooling costs. Just imagine how much energy will be saved and how much carbon dioxide will be prevented from being released into the atmosphere.
7. China is the World Leader in New Solar Installations
China installs more solar panels than any other country in the world. The United States comes in at number three.
8. Solar Capacity Continues to Grow at an Exponential Rate
From 2009 to 2015, total solar capacity increased by a factor of 10. From 2002 to 2015, it increased by a factor of 100.
9. In the US in 2015, More Jobs Were Created in the Solar Industry than in the Natural Gas Industry
In 2015 the solar industry grew at a remarkable pace that was 12 times greater than the entire US economy! We are truly living in exciting times.
10. Solar Energy Potential is MASSIVE!
Each year the total energy needs of everyone on the planet is estimated to be about 16 terawatts (TW). Sounds like a lot, right? Not when compared to the massive amount of energy the sun bathes our planet in. Each year the amount of energy from the sun that reaches the earth is about 23,000 TW. We only need to harness a small amount of it to take care of all of our energy needs. I think we can do it.