In the past few decades, there has been a race in the Alternative Energy sector between Solar(PV), Wind, Solar Thermal and GeoThermal. Based on the cost trends, we see that Solar PV(Photovoltaic) is a clear winner in terms of adoption, affordability and being able to support grid level energy needs.
The major beneficiary of this technology growth is observed in the residential sector. We see widespread adoption, planning and installation of solar systems to the point that soon many states will adopt laws to have all new constructions to adopt solar panels. Any customer who is right now spending more than $100 dollars a month in energy cost can get a Solar panel installed and pay for the system instead of an energy bill and enjoy almost free energy for the next 10 -20 years. This will become like another appliance in(on) your home.
The products available in this area have grown and matured to the extent that all major vendors started giving 10-25 years(even few life time) warranties on their products. So customers can have peace of mind about dependability and support of the products they get.
Source: Enphase - Power Generation and usage app.
Solar power is one of the most environmentally friendly power generation methods in the market and also affordable. A given panel has a life expectancy of 25 - 40 years and it takes 4 years of power generation to pay itself off. This metric is called EPBT(Energy Payback Time). With new technology improvements and newer methods, this industry has one of the highest ratings on this scale. Thus the solar industry has one of the lowest carbon footprints compared to non-renewable fossil fuels.
As the impact of solar power grows, scientists and manufacturers around the world actively aspire to create even better, more sustainable solutions to improve the current technologies. We are seeing research that shows that 90% of the panel components can be recycled after their incredibly long life. So all these improvements and advances will make this one of the best environmentally conscious decisions a customer can make.