Solar Panels to Increase Energy Efficiency

As of 10 years ago controversy still existed in the scientific community about whether the greenhouse gases affected the environment. However, in the last five years over 98 percent of scientists now agree that greenhouse gases can cause global change to the earth. This concern caught fire in mainstream America when Vice President Al Gore released his movie An Inconvenient Truth, which won an Academy award. Al Gore also shared the Nobel Peace Prize for his contributions to the cause of informing the public about global warming.

Companies that make electric home solar panels have seen their stocks soar over the past five years. Demand has increased as interest in alternative energy provides homeowners and business owners with a green halo and the promise of earning significant return on investment (ROI) over the long-term.

In the fall of 2008, however, new concerns rose about the future of electric home solar panels. The massive number of foreclosures of homes caused a collapse in all five major investment banks. This resulted in a massive withdrawal of funds from money market accounts and an unwillingness on the part of banks to lend to each other. Not only would banks not lend to each other, but they exhibited reluctance to lend to businesses and consumers. Wall Street analysts noted that this posed a threat to the solar panel market because businesses and homeowners typically have to take out loans to purchase solar panels.

Still, the solar industry remains bullish on its future. It believes it can reach grid parity within the next 10 years. Grid parity is achieved when one kilowatt of solar energy costs the same as one kilowatt of grid powered electricity. Once grid parity is reached solar companies can thrive without government rebates or incentives for consumers. These rebates are set to expire within the next eight years.

Other reasons for optimism have popped up. In the October 2008 two companies inked a deal that would allow for sales of photovoltaic thin film solar modules in the United States residential market. Previously, all solar panels on American homes have used polycrystalline silicon cells as the semiconductor material to harness the sun's energy for electricity. Then film solar modules would use cadmium telluride in the panels and would make solar power less expensive.

If innovations like this continue and grid parity is reached as gas prices continue to soar, the future for solar power could be bright. The industry will be watching to see if the federal government's shoring up of the national banks can unfreeze the credit market and allow consumers to regain their enthusiasm for solar power.

Anne Clarke writes numerous articles for Web sites on gardening, biking, fashion, and home decor. Her background also includes running, yoga, and tattoos. For more of her useful information on solar products, visit Home Solar Panels.