Will solar panels get cheaper in 2024? Yes, solar panels are likely to become cheaper in 2024 due to technological advancements, economies of scale, and increased competition in the market. The solar industry has witnessed dramatic shifts in pricing over the years, driven by a combination of technological, economic, and global supply chain factors. This retrospective analysis offers a comprehensive perspective on the future of solar panel pricing.
The significance of solar energy lies in its environmental benefits reducing reliance on fossil fuels and mitigating climate change. As technology advances the cost of harnessing this energy has been a crucial factor in its widespread adoption.
Cost-Effective Alternatives & Government Policies
Although their costs continue to exceed pre Covid-19 levels, solar PV and onshore wind remain the cheapest option for new electricity generation in most countries. Continued innovation is also expected to reduce costs further, improving competitiveness even with existing fossil fuel-fired plants.
With economies of scale, and the potential for new domestic solar manufacturing facilities, the solar panels themselves will become cheaper and easier to ship — addressing some of the international supply chain issues currently facing the industry. Government policies play a significant role in shaping the cost of solar panels.
Solar Panel Systems and Market Offerings
The most common system installed in 2024 is a 6.6kW solar panel system. A system this size costs anywhere between $5,500 – $8,500 for a good one. It can deliver savings of between $1,200 – $2,000 (sometimes even more) depending on how much electricity you use and when you use it. Payback periods also vary according to electricity usage habits and other variables like your location, roof orientation, and tilt.
JinkoSolar, much like AXITEC, is mainly known for its lower-end, cheaper solar panels. Being a bargain solar company that still offers quality products is an attractive choice for money-conscious homeowners.
New Solar Technology and Buyer Considerations
What is the new technology for solar panels in 2024?
Reasons to buy a solar panel include factors such as efficiency, durability, warranty, and price. The rapidly decreasing costs of solar panels are leading to a new era in building construction, where solar technology is integrated into the very fabric of buildings rather than being added on as an afterthought.