Renewable energy prices slashed!

According to renewable energy analysts the cost of solar energy will drop partially by 2009. The pre-subsidy cost of other clean energy technologies also will drop by about 10-20%. The latest [B][I]Clean Energy News[/I][/B] says that the prices for renewable energy tools like wind turbines and solar panels have dropped considerably this year. But this is counterbalanced by the high finance costs, as a part of the recession in capital market. The market scan predicts a major cost decline in clean energy equipments, about 10 percent lower than that of last year.

Solar energy equipments will have a balanced cost range, as the government subsidies will go far down this year. The prices of thin film solar power also may too drop to a lower level of $3 per watt.

Majority of the Chinese and European companies are optimistic about their next year’s business, as the demand for clean energy systems have increased considerably than before. This is mainly due to the affordable price for clean energy equipments.

The reports from New Energy Finance says that the price of wind turbines have dropped to the lowest level in the last few years by shedding about 18-20% of their cost. But the equipment costs may be counterbalanced by high construction costs.

Many other clean energy equipment prices have also slashed these days.

Countries like U.S., Europe, China and South Korea are among the leaders in global renewable energy spending plans. They have planned to invest about $500 billion for ‘green’ technologies, with better plans to fuel their own economies by the use of clean energy.