Now is the time to start outfitting your home with solar panels. Why? Because solar panel prices have dropped about 40% since the middle of last year, driven down partly by an increase in the supply of a crucial ingredient for panels, according to analysts.
The price drops, which are paired with recently expanded federal incentives, could lessen the amount of time it takes solar panels to pay for themselves to 16 years, from 22 years, in places with high electricity costs, according to Glenn Harris, chief executive of SunCentric, a solar consulting group. That calculation does not include state rebates, which can sometimes improve the economics considerably.