The public is being kept in the
dark about the viability of solar photovoltaic energy, according to a study
conducted at Queen's University.
"Many analysts project a
higher cost for solar photovoltaic energy because they don't consider recent
technological advancements and price reductions," says Joshua Pearce,
Adjunct Professor, Department of Mechanical and Materials Engineering.
"Older models for determining solar photovoltaic energy costs are too
conservative."
Dr. Pearce believes solar
photovoltaic systems are near the "tipping point" where they can
produce energy for about the same price other traditional sources of energy.
Analysts look at many variables
to determine the cost of solar photovoltaic systems for consumers, including
installation and maintenance costs, finance charges, the system's life
expectancy, and the amount of electricity it generates.
Dr. Pearce says some studies
don't consider the 70 per cent reduction in the cost of solar panels since
2009 . Furthermore, he says research now shows the productivity of
top-of-the-line solar panels only drops between 0.1 and 0.2 percent annually,
which is much less than the one per cent used in many cost analyses.
Equipment costs are determined
based on dollars per watt of electricity produced. One 2010 study estimated
the this cost at $7.61, while a 2003 study set the amount at $4.16. According
to Dr. Pearce, the real cost in 2011 is under $1 per watt for solar panels
purchased in bulk on the global market, though he says system and
installation costs vary widely.
Dr. Pearce has created a
calculator program available for download online that can be used to
determine the true costs of solar energy.
The Queen's study was
co-authored by grad students Kadra Branker and Michael Pathak and published
in the December edition of Renewable
and Sustainable Energy Reviews.
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