If the current rate of decline in the price of solar panels continues, the form of renewable energy could be half as expensive in just two years.
A report from Ernst and Young said the price of solar panels could fall to as low as $1 by 2013. This would be $.50 less than the current cost of solar panels and $1 less than the 2009 price, according to The Guardian.
The Guardian said the report was commissioned by the Solar Trade Association in response to a fall in support for large solar systems in the United Kingdom. Howard Johns, chairman of the STA, told the Guardian the new information reinforces that solar power dollars should not be capped or cut.
Another report that came out earlier this morning from Bloomberg states that China's biggest solar power equipment maker expects an industry-wide drop in solar panel price. Chief Executive Offier Miao Liansheng told Bloomberg the drop would be "a good thing" that would allow more people to use solar power.
Bloomberg said the possible fall in the price of solar panel prices could be due to an industry-wide glut.