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4. Government Incentives and Rebates Many governments offer subsidies, tax credits, or rebates for solar panel installations to encourage renewable energy adoption. These incentives can considerably lower the initial cost, making solar energy more accessible to homeowners and businesses.
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The price of solar panels has undergone significant changes over the past decade. According to various industry reports, the average cost of solar panels has decreased dramatically, dropping by about 70% since 2010. This decline is attributed to advancements in technology, improved manufacturing processes, and the growing scale of solar installations worldwide. As a result, what was once a luxury for eco-conscious consumers is now within reach for the average homeowner.
The lifespan of solar panels is another crucial consideration, as their longevity directly impacts their overall efficiency and economic viability. Most solar panels come with warranties ranging from 20 to 25 years, during which they are expected to maintain a certain level of performance. In practice, many solar panels can continue to function effectively beyond their warranty period. Research has shown that high-quality panels can operate for 30 years or longer, although their efficiency may gradually decline over time. Typically, solar panels lose about 0.5% to 1% of their efficiency per year, meaning a panel that starts at 20% efficiency could still achieve around 80-90% efficiency after 25 years of use.
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