You may have thought about solar energy and said to said to yourself, "Sure, solar energy's great and all, but it seems like it would be expensive." You were correct about two things: one, solar energy is great; two, the initial cost for solar panel installation is fairly expensive. Residential panel installation can range in cost from a few thousand dollars (for a small project) to tens of thousands of dollars (for a large project). However, the latter view fails to think in a long-term perspective. Although solar energy has a large initial cost for panel installation, one will actually save money over a period of time because one will either have to pay less on their electric bill or, they will not have to pay an electric bill. If your panels produce more energy than you need, you can sell that energy back into the main power grid and make a profit. For those that install a solar thermal heater, a solar-powered hot water heater, one's heating bill would decrease. One also must recognize what their power source is: the sun. The sun is free. Your only cost is the upfront installation fee, as well as maintenance fees should your panels malfunction or if an upgrade is needed. However, maintenance and upgrades are rare due to solar energy's reliability. Often, these things are included as part of the upfront installation fee.
The solar energy industry in the United States experienced its first decline in demand in ten years in 2009 because of the recession. To remain competitive, prices for solar panels and their installation fell an average of forty percent to an average cost of $2.25 per watt of electricity, a significant decrease from the $5.62 per watt that solar electricity averaged in 2008. That's $3.37 per watt in savings. In 2013, due to a projected increase in global demand, the average price for a watt of solar electricity will further fall by $0.66. This may seem miniscule, but it is actually significant when one considers how many watts of electricity a solar panel can produce (Jaffe 1K, 10K).
The cost of fossil fuels and other polluting, non-renewable forms of energy will continue to rise. Sooner or later, solar will become competitive with fossil fuels. Eventually, solar energy's immediate cost effectiveness will trump the immediate cost effectiveness of fossil fuels. We already know solar energy's cost effectiveness beats out fossil fuels in the long-term. The IRS also provides tax credits for those that install solar panels on their home or business. The most important thing to consider about solar energy, though, is something that sits outside the realm of monetary economics - solar energy should be thought of not only as an investment for your wallet, but as an investment for the future of you and the entire planet. That is the wisest investment one can make. Even if you have not had solar panels installed on your home, even if you do not work in the industry, there is still money to be made and saved through solar. During the third fiscal quarter of 2008, investments made in solar energy peaked at a net profit of $1.212 billion. It was predicted that this would have continued into the fourth quarter had it not been for the economic downturn in the fall of 2008. A year later, in the third fiscal quarter of 2009, net profits for solar energy investments were reported at $451 million. Obviously, this is far from as significant as the net profits from the previous year, but it is rather remarkable for a relatively new and relatively small industry during a period of economic slowdown.
When the Obama administration came into office, President Obama pledged $150 billion to alternative energy as part of his economic stimulus package. The idea was to further the development of green technologies, like solar, in the United States. This has the potential to create millions of new jobs, as well as bring down the costs of solar energy for the consumer significantly. Between 1998 and 2007, jobs in the "green energy" sector grew at an average rate of 9.1% annually. The average growth rate for all other jobs between those years was 3.7%. In 2007, there were over 68,200 green energy businesses that employed approximately 770,000 individuals. In 2007, in the United States alone, 32,040 individuals were employed in the solar energy industry, performing an occupational function that solely involved energy generation. These statistics have been affected by the current recession, but they will improve after the stimulus takes its full effect and we get out of the recession. The jobs available in the solar industry are not just for people who want to get up on roofs and install panels, though. There are solar energy industry jobs for people of all career backgrounds. People are needed in all aspects of the industry - installation, maintenance, research and development, business (sales, marketing, public relations, accounting, finance, etc.), administrative, government, consultative, information technology, transportation, nonprofit, communications, education, and more.
Matthew Piccolo
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