The cost of solar panels today is approximately one-hundred times lower than 40 years ago and is expected to continue to fall in coming years. There are a number of reasons for this development, such as technological advancements and increased large-scale manufacturing that both result in lower production costs for solar panel components. For example, semiconductor wafers are a major component in solar cell manufacturing and advancements in their production, such as self-calibrating absolute temperature measurement, are a major factor in making high-quality and long-lasting solar panels.
This in turn leads to lowering consumer costs of purchasing and installing solar panels. Other factors, of course, are increased mass production and widespread implementation as well as attractive tax incentives around the world. All of this will shorten the time it takes until the installed solar panels pay for themselves, which will make them a good investment for more and more home and business owners and therefore increase production and lower costs even more.