MIT researchers seek to understand price reductions in solar energyOctober 28, 2016
MIT research team awarded $1.3 million grant through SunShot Initiative
Researchers from the Massachusetts Institute of Technology (MIT) have been awarded a $1.3 million grant from the Department of Energy’s SunShot Initiative. The grant will be used to fund the study of why the cost of solar energy has been going down so rapidly. The study will also determine how costs will continue to fall in the future. The solar sector has been experiencing tremendous growth in recent years, and this is partly due to the falling cost of photovoltaic technology and the availability of leasing programs designed to smooth the adoption of solar power.
New study aims to understand how innovation in technology affects price of solar energy
The research team from MIT will examine past technological innovations and policies that have had a major impact on the solar sector as a whole. The innovations of the past have had an impact on the cost of solar energy today, and researchers are eager to determine how costs will be affected in the future by current advances in technology. The study could have an impact on government policies in the future, encouraging lawmakers to show more support for solar energy as a whole.
Cost of solar power systems continues to fall
The cost of solar energy has fallen considerably since 2008. This part largely due to significant advances in photovoltaic technology. These advances have not only made solar panels more attractive and efficient, they have also made these energy systems much more affordable. This became very apparent when Chinese manufacturers began producing solar products at an unprecedented rate, flooding domestic and foreign markets with low-cost yet efficient solar energy systems.
SunShot initiative has had a major impact on the solar sector
The researchers from MIT will be working alongside the SunShot Initiative, with is a collaborative effort to bring innovation to the solar energy sector. Through this initiative, the Department of Energy has been able to support many solar adoption efforts. The initiative has also helped many organizations aid in the reduction of solar energy, making this form of clean power more attractive than other environmentally friendly energy solutions.