Report: Prices of solar panels dropped in 2013

If you are interested in improving the energy efficiency of your home, now is the time to do so! According to a new report from the National Renewable Energy Laboratory (NREL) in Golden, Colorado, the overall prices of the installation and operation of solar panels dropped in 2013, a trend that has continued into this year.

In the recent report from NREL, the price of solar panels fell 19 percent last year, and are projected to fall another 12 percent by the time 2014 comes to an end. What this means is that solar panels cost an average of $2 per watt to operate, and with the continued reduction in 2014, that price is now around $1.80 per watt. This is a 59 percent drop from 2010 prices.

"There is still considerable uncertainty as to how low PV [photovoltaic] system prices will drop in the next five to 10 years," David Feldman, a lead author of the report and a solar power financial analyst with NREL, wrote in the report.

This has environmental and energy experts confident that the U.S. Department of Energy (DOE) will be able to meet its long-term goals for the implementation of solar panels across the country. As the equipment becomes even more affordable over time, they will be more common among both homeowners and urban developers.

The trend downward in prices, according to the NREL report, is expected to continue well into 2016. That year is as far as the projections go at this time, though the experts feel good about the future viability of this natural energy resource.

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