The photovoltaic solar industry has seen significant growth in the past three years. The demand for photovoltaic solar panels increased so much that production could not keep up. Businesses and homeowners were placed on waiting lists for photovoltaic solar panels.
Photovoltaic solar panel producers, such as Sharp and BP Solar, ramped up production to meet demand, but plans to increase photovoltaic solar panel production have been halted due to the world economic slow-down. Even so, total world photovoltaic production is expected to increase by 3.75 gigawatts to 11 gigawatts (renewableenergyworld).
IC Insights also reports that photovoltaic production will grow by 32%, much higher than the forcasted 22% growth. In addition, the number of photovoltaic solar system installations is expected to increase from 292,000 (2008) to 888,000 (2012). This is due to the stimulus in countries such as the United States and the continuing push of Germany and Spain to be number one in photovoltaic solar power production.
Prices are projected to decline 28% this year (based on 32% increase in photovoltaic production). The average photovoltaic solar panel price per watt is $4.56 in the United States (solarbuzz). The solar panel prices are expected to continue to decline, but at a decreasing rate (IC Insights).
Right now, with photovoltaic solar system prices at an all-time low and government clean energy rebates at an all time high, buying a solar system may never be cheaper. The incentives” federal, state, and local, can cut the cost of a photovoltaic system by 50% (solar training). Government rebates are designed to decrease as more solar panels are deployed, making installation of a system more expensive, even as prices continue to decline. So why wait to purchase a photovoltaic solar panel system? <read full solar article>