Solar energy continues to become more popular and more cost-effective in the United States. A new report from the Institute for Local Self-Reliance said the price for solar photovoltaics will continue to fall throughout the next decade, encouraging residents to install solar panels on their homes.
Within 10 years, it's expected the price of rooftop solar panels will be as affordable as the power residents purchase from local electric companies. About 33,000 megawatts of unsubsidized commercial rooftop solar will by 2016 achieve price parity - when the cost of installing the roof panels drops to or below the cost per kilowatt of hour of electricity from a local utility. Additionally, more than 35 million buildings in the country will be generating their own electricity from solar installations by the end of 2022, according to the report.
"The price of unsubsidized solar electricity will undercut most utility retail electricity prices within a decade, enabling 200 times more solar (4,400 MW) than found in this utility’s plans," report author John Farrell wrote in a blog post on Think Progress.
For commercial solar installations, the price has fallen nearly 30 percent in two years, while the price for electricity has risen by 3 percent in the past decade, the report stated.