According to IRENA’s 2024 report, the global average cost of solar electricity (LCOE) dropped to $0.043/kWh — marking a major milestone for clean energy affordability. For homeowners and businesses across the U.S., this signals a major opportunity to go solar while reducing long-term energy costs.
The Numbers That Matter
The International Renewable Energy Agency (IRENA) reports that solar PV costs have fallen by 87% since 2010. In 2024 alone, 13 GW of solar PV capacity was added globally, with the majority of projects showing lower costs than fossil-fueled alternatives. This trend is driving stronger returns on investment for both utility-scale and residential installations.
What Does This Mean for American Homeowners?
- More Savings: Lower LCOE means faster payback periods for your solar system.
- Stronger Incentives: Combined with U.S. tax credits and state-level rebates, solar has never been more affordable.
- Energy Independence: Solar adoption helps homeowners reduce reliance on unstable energy markets.
Why It’s the Right Time to Go Solar
Solar technology is not only cheaper but more efficient than ever. If you’re considering a solar installation, 2024 is the time to act. With global costs declining and incentive programs still in place, switching to solar can lock in decades of energy savings and peace of mind.
Get Started with Orphan Annie Solar
At Orphan Annie Solar, we help you harness these cost-saving trends by offering custom solar solutions tailored to your home or business. We take care of the entire process — from design and permitting to installation and maintenance.
But more than that, we want to make sure you’re legally protected.
Need Legal Guidance on Solar Projects?
For contract reviews, dispute resolution, or navigating tax credits and solar incentives, we proudly recommend our legal partner, Solar Law Firm. Their attorneys specialize in solar industry cases and offer personalized legal support for homeowners and solar companies alike.