According to energy analysts, solar power is becoming the cheapest way to generate electricity, both in residential markets and internationally.
Data from the Bloomberg New Energy Finance (BNEF) recently came out with a study describing how the cost of solar in over 50 lower-income countries have decreased to a third of their cost in 2010. What’s more? Solar is now officially cheaper than wind energy in these countries. This is going to be huge for residential markets where the cost savings will make a much larger difference to homeowners worldwide.
Some countries, like India and China, have been swift in capitalizing on the inexpensive form of energy. “A huge part of this story is China, which has been rapidly deploying solar,” says BNEF chairman Michael Liebreich. Beijing, and other parts of the country, have heavily been investing in solar developments through the residential, commercial and international sectors.
In Central Florida, power bill rates are between $0.11/kWh and $0.15/kWh. Solar systems can provide the clean electricity for around $0.05/kWh to $.08/kWh.
Still, Liebreich is adamant: “Renewables are robustly entering the era of undercutting [fossil fuel prices].” Even if renewables are competing with carbon-generating energy sources today, there likely won’t be much contention in the future, especially if clean energy continues to progress at its current rate.
The freedom to choose residentail energy options coupled with the support of home energy-efficiency by the government provides homeowners the opportunity to capitalize on the low-cost of solar and save money the day they install.
Call us today at 407.331.9077 or go online to learn more about how you can start saving money.