One of the many questions that a lot of consumers ask before they decide to buy solar panels is the question that is related to solar panel efficiency degradation. The reason is that the solar panel market is becoming saturated due to the sheer amount of solar panel businesses that are popping up everywhere. The amount of solar panel businesses that have started selling solar panels has grown a lot. The reason for this is that there is a lot of money to be made by selling low quality solar panels to consumers who do not know what they are buying. There is a lot of technical information can be shown to consumers and this information can look like a lot of vague words to many consumers.
Due to this issue a lot of consumers don’t really trust the solar panel industry anymore and thus they have decided to not purchase solar panels anymore. We, from ILUMEN, find this a very bad trend because the amount of consumers that could benefit from high quality solar panels is enormous. Despite a lot of misbeliefs solar panels are actually worth the investment and are probably one of the best ways to invest money. In Europe the interest rates are currently at an all-time low, in the Netherlands even as low as 0.01% at certain banks. Calculations have shown that the money that can be saved when investing in solar panels can be equivalent to an interest rate of 5 to 7%. This does keep in mind the effects of solarpanel efficiency degradation.
On average solar panels will lose around 15% of their strength in 25 to 30 years. This number might seem high but this number is a lot lower than what scientists expected. The first 10 years of use the solar panels will only lose about 5% of their energy absorbing powers. Because every machine loses efficiency over time the numbers are not that bad. It is highly unlikely that in countries where there isn’t a lot of sun all year that you will be able to completely live of the energy that gets generated by solar panels. When considering the fact that some solar panels are able to generate sufficient amounts of energy even 60 years into its lifespan it is clear why solar panels are a good investment.
Solarpanel efficiency is improving annually. More and more businesses are trying to improve their solar panels and this is showing in the market. By the end of 2014 at least 177 gigawatts of energy has been generated by solar panels. This number seems huge but it’s sadly only 1% of the worldwide energy consumption. However because the biggest markets in the world, the USA, China and Japan are generating more and more energy through solar panels the market and demand for solar panels is increasing. This means that more research will be done to make solar panels more efficient and because of this it is expected that solarpanel efficiency will increase over time.
Solar panel efficiency forecasts seem to suggest that the price of using solar panels will decrease a lot in the upcoming years. The price in America is suggested to drop by around 40% until 2020. This price drop is expected to be similar around other countries and thus a lot of researchers and businesses are promoting the use of solar panels in the future. Because of the amount of businesses in the market that want to participate in the solar panel boom there is a lot of competition in the market currently. Because of this remarkable amount of competition the market is sparking a lot of innovation and efficiencies in the manufacturing process.
During the World Energy Future Conference held in Abu Dhabi it is reported that the minister of state of the United Arab Emirates said that solar power is becoming as cheap as fossil fuels are currently. However fossil fuels still have a lot of subsidies that are dropping the price. If you were ever interested in using solar power this might be the best time to start getting into the market. If you would like advice on how to best approach the placement of solar panels on the roof of your house or business feel free to contact us. We, from ILUMEN, will look at the situation for you and give you personalized advice.