Renewable energy technologies are getting cheaper, through technological change and through the benefits of mass production and market competition. A 2011 IEA report said: "A portfolio of renewable energy technologies is becoming cost-competitive in an increasingly broad range of circumstances, in some cases providing investment opportunities without the need for specific economic support," and added that "cost reductions in critical technologies, such as wind and solar, are set to continue."[99]
The PV industry is beginning to adopt levelized cost of electricity (LCOE) as the unit of cost. The electrical energy generated is sold in units of kilowatt-hours (kWh). As a rule of thumb, and depending on the local insolation, 1 watt-peak of installed solar PV capacity generates about 1 to 2 kWh of electricity per year. This corresponds to a capacity factor of around 10–20%. The product of the local cost of electricity and the insolation determines the break even point for solar power. The International Conference on Solar Photovoltaic Investments, organized by EPIA, has estimated that PV systems will pay back their investors in 8 to 12 years.[73] As a result, since 2006 it has been economical for investors to install photovoltaics for free in return for a long term power purchase agreement. Fifty percent of commercial systems in the United States were installed in this manner in 2007 and over 90% by 2009.[74]
There are more specific questions you’ll have to ask yourself about your location and home—e.g., is my next-door neighbor’s oak tree going to block all my sunlight? You’ll also have to take local weather conditions into consideration. Luckily, there are plenty of other resources to help you find your solar potential. See our Tools section for more info.
^ Jump up to: a b c Fridleifsson,, Ingvar B.; Bertani, Ruggero; Huenges, Ernst; Lund, John W.; Ragnarsson, Arni; Rybach, Ladislaus (11 February 2008). O. Hohmeyer and T. Trittin, ed. "The possible role and contribution of geothermal energy to the mitigation of climate change" (PDF). Luebeck, Germany: 59–80. Archived from the original (pdf) on 22 July 2011. Retrieved 6 April 2009.
Free electricity isnt all you get from a new home wind Generator, as soon as your system is up, you have improved your home value by atleast an equal amount of the investment. Your green energy home is more likely to sell compared to others with no home generation or emergency power system. Think about it. Look at homes for sale.. Can any of them generate their own free electricity, how many can compete with such a solid green energy capability like your home wind Generator delivers. Its also an attention getter and will bring people to see what its about if you ever need to sell, your home has a dramatic edge and a higher resale value.
The U.S. Environmental Protection Agency (USEPA) Green Power Partnership is a voluntary program that supports the organizational procurement of renewable electricity by offering expert advice, technical support, tools and resources. This can help organizations lower the transaction costs of buying renewable power, reduce carbon footprint, and communicate its leadership to key stakeholders.[88]
Many industrialized nations have installed significant solar power capacity into their grids to supplement or provide an alternative to conventional energy sources while an increasing number of less developed nations have turned to solar to reduce dependence on expensive imported fuels (see solar power by country). Long distance transmission allows remote renewable energy resources to displace fossil fuel consumption. Solar power plants use one of two technologies:
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