The solar power industry has been focusing on reducing the cost of solar power generation for several decades. Now the focus is on making solar panels more effective. Solar power producers are giving more importance to modern technology in view of the savings in equipment manufacturing and rising raw material costs. For example, they are making panels of such a design by manufacturing better components that more electricity can be generated from the same size solar farm. According to Xiaojing Sun, a global researcher at Wood Mackenzie, the twenty-first century saw a significant decline in prices in the first 20 years, but the pace of decline has slowed in recent times. The move to build more powerful solar equipment underscores how cost-cutting is necessary to switch from conventional fuels to new energy sources. Now grid-sized solar farms are cheaper than state-of-the-art coal or gas plants.
Combining clean energy sources with costly storage technology will require additional savings. Large factories, the use of automation and more efficient production methods have reduced labor costs in the solar sector. In addition, the wastage of goods has also reduced. The average cost of solar panels has dropped by 90 percent between 2010 and 2020. By increasing the energy output per panel, it is possible to generate the same amount of power from a smaller panel as a larger one. Till the last decade, where most of the solar panels are of 400 watts, by 2020, solar panels of up to 500 and 700 watts started getting available.
Source: Patrika : India's Leading Hindi News Portal by www.patrika.com.
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