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The cost of home solar power could fall even faster than expected in light of a new study by European researchers.
Tests by the EU Energy Institute have found that 90 percent of solar panels last for 30 years or longer, a considerable leap from the 20 years generally recognized by banks and lenders. It has long been accepted amongst solar contractors and enthusiasts that the panels will last beyond the 20-year warranties typically associated with them. The EU research provides scientific evidence to back those claims.
The EU Energy Institute performed accelerated aging tests in which solar panels were submitted to extreme heat, cold and humidity. The results show overwhelmingly that panels will survive with limited loss in production for much longer than previously confirmed.
That fact could make financing home solar power systems even easier and bring down monthly payments as lenders could provide longer loan terms with confidence. The cost of solar power equipment is dropping on its own, as shown by a 30 percent decrease last year. That could potentially become 50 percent by the end of 2009. Combine that with a test-supported increase in life span, and the road to home solar power should grow ever wider and smoother in the short term.
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