The solar energy cost has drastically reduced over last few years. This can be attributed mostly to the increasing solar cells efficiency and falling panel prices. The first useful silicon solar panel, invented by Bell Labs in 1954 was about 6 percent efficient. The evolution of solar technology has been at a landmark pace since then. Nowadays panels as efficient as 30% are being manufactured, which can produce 25% more electricity than the lower-tier economy panels in the erstwhile market. In 1977, solar panel cost was $77 per watt. In just 40 years’ time, it has reduced by 99.2%.
With the advent of newer technology in installation, the execution cost of solar plants has also come down over years. The movement towards the greener and sustainable energy in the wake of global warming is prompting nations to come up with policies in favor of solar energy. The utility scale solar farms facilitated by Governments for supplying solar energy using state transmission are further bringing down the costs. In a nutshell, solar energy is becoming cheaper and affordable and has already achieved parity with the grid tariff in most states, increasing the odds of adoption by all set of consumers.