New research on the life expectancy of this new kind of renewable energy has helped decrease the cost of solar panels. It was once estimated that solar panels would last only about 20 years, but it has now been proven that models can last up to 30 years. This makes it a more appealing investment for homeowners who were hesitant because of the short life expectancy.
Environmentalists as well as policy makers are encouraging financial institutions to make available to homeowners the finances available to purchase and install solar panels because they are very cost efficient and will be able to repay for themselves with less energy consumption.
Across Europe, and even China, governments have been giving financial incentives for those private citizens who upgrade to solar energy. This, of course, has decreased the cost of solar panels and increased demand. India and the United States have incentive plans in the works but have yet to release and implement them.
Before, I mentioned how this type of renewable energy will pay for itself and here is why: the major expense of solar panels is the purchase of the actual equipment and its installation. The rest is almost free because you do not have to pay for the energy source.
The renewable energy industry, the solar energy field in particular, has very enthusiastic goals. These goals include making solar energy as cheap as the electricity we use today. The aim is to make Europe at least half dependent on solar energy as opposed to electricity grids by 2020.
Around the globe the demand for renewable energy is growing. More and more citizens of the world are becoming more conscience of the effects of our actions on the environment, increasing the demand for green energy. This demand will cut the cost of solar panels even further.