Advances in technology are making it easier and more cost efficient than ever for consumers in the residential and commercial markets to adopt solar energy. Thanks to more effective solar technologies, customers can see a faster return on investment and greater savings.

Gap in the Market

Recent reports show that U.S. solar photovoltaic (PV) capacity has reached 21.3 gigawatts, enough power for 4.3 million homes, versus 1.183 gigawatts in 2008. The vast majority of that growth — 72 percent in 2014, for example — came from residential installations. On the commercial side, however, growth has been slower.

Large businesses with access to capital and corporate responsibility programs have lead the installation of solar among commercial customers, with small- and mid-sized businesses trailing behind. But newer technologies may help unlock this largely untapped solar market.

Cheaper Power

In 2007, solar power cost about $4 per watt, versus 50 cents per watt in 2014. And today, one of the large pushes in solar technology is to generate power at an even lower per watt rate. Industry experts predict the cost could drop to 25 cents a watt over the next decade with improved technology.

“Thanks to technological advances and a ramp-up in production over the decade, grid parity—the point at which sources of renewable energy such as solar and wind cost the same as electricity derived from burning fossil fuels—is quickly approaching,” said Phil McKenna, from environmental website Ensia. “In some cases it has already been achieved, and additional innovations waiting in the wings hold huge promise for driving costs even lower, ushering in an entirely new era for renewables.”

Given the promises of solar energy, investors are willing to get in on the ground level of new technologies. Solar batteries, for example, have been declining in cost and that trend is likely to continue thanks to over $4 billion in investment capital raised by Tesla Motors for a new factory in Nevada.

Cutting Installation Costs

One of the biggest hurdles for homeowners and smaller businesses installing solar are the upfront costs. Although cheaper energy will help speed up the return on investment, some potential customers just don’t have the money needed upfront to invest in solar. New technological tools, however, are helping to address that.

Tools like the U.S. Department of Energy’s Building Component Library allows customers interested in adopting solar to create energy models, possibly saving money on upfront planning and getting an accurate picture of their energy savings.

Out of this World

Advancing solar technologies are also creating new opportunities to harvest solar energy. Researchers are looking for ways to expand solar beyond traditional rooftop panels and roadside solar fields. New options being studied include:

Solar roadways. Solar panels, especially on the scale to provide major amounts of power, take up a lot of space. Researchers have been looking at ways to line highways with solar panels, which would then send more power into the grid.
Floating solar. Another way to get around the issue of land space needed for solar panels is to take them off land. A French solar firm is currently experimenting with floating solar panels that take advantage of the 70 percent of the Earth’s surface that is covered by water.

Solar in space. Satellites that capture solar energy can be positioned strategically to collect optimal amounts of power around the clock. Interestingly, this isn’t new technology, but one that’s getting renewed traction. Forty years ago, satellites were capturing sunlight and converting it into microwave energy.

If you’d like to find out how installing solar panels on your roof can help you drive your electric bill down to zero, contact us today for a free quote.