Plunging solar power costs making PVs more compelling for owners, developers

Adding solar power to developments adds points for owners aiming for green certifications.

As the cost of solar continues to plummet, the technology could make a compelling case for building owners from a purely economic perspective. In fact, solar power on a utility scale is now cheaper than coal in some parts of the world. In less than a decade, it is predicted to be the lowest-cost option almost everywhere.

According to an article in Bloomberg News, better technology including the use of diamond-wire saws that more efficiently cut wafers, to better cells that provide more power from the same amount of sun, have improved the financial outlook. In addition, economies of scale and manufacturing experience since the solar boom started over 10 years ago have given the industry an increasing edge in the competition with fossil fuels.

PV prices are expected to continue to fall for the foreseeable future, according to industry observers. In recent months, vendors of mounting systems have also made progress in cutting costs of their products.