Reuters recently published an article, based on a report by industry analysts, that the solar panel installations in US increased 33% compared to 2012 for the first quarter. Cost is the single most important challenge solar energy advocates are facing. Fossil based energy resources are still a lot more cost effective than renewable resources like solar energy deployments. However, the support from the government combined with the efforts of brilliant minds in our universities & research laboratories speed up the improvements in the solar energy industry. Solar system efficiencies increase & the production costs get lower every year. As a result, the report indicates that the avg residential solar energy cost fell below 5.0 $/Watt whereas the non-residential solar energy cost fell below 4.0 $/Watt.
Solar energy industry is one of the fastest growing energy industries in US and the industry leaders foresee much better results in the following years.