When it comes to a solar panel system, solar inverters are no less than the heart. They are responsible for the transformation of the energy output from solar panels into consumable electricity form that is later used in residential or commercial properties.
In simple words, solar inverters convert DC current from solar panels into AC current for your home appliances. Consequently, you need to consider a few factors when buying a solar inverter, including the solar inverter prices. This will ensure you don’t just buy a good solar inverter but also a device that’s under your budget.
Over the years, we have witnessed several changes in the trends of solar inverter prices. It is changing rapidly based on demands, technology, and so on. If you are a beginner in the solar power world, we have got you covered.
Image Source: Luminous
Below are the top 5 things you should know about solar inverter price trends to get the best deal. Keep reading:
Top 5 Things to Keep in Mind to Get the Best Deals on Solar Inverter Price
1. A Decline in the Price
In the past few years, the solar industry has undergone a lot of changes, and the cost is one of them. Solar inverter prices have decreased significantly due to high competition and advancements in technologies. Higher demand is also the reason for the lower costs.
In fact, a report by Woodmac has stated that the cost of solar power is expected to go down another 15% to 20% in the upcoming time. This means solar inverter prices will also go down, making them more affordable for people.
2. New Technologies
As mentioned before, new technologies have also affected solar inverter prices. Solar trackers and other AI features make it possible to manage energy production and use it wisely. This, again, has impacted the prices. Now, manufacturers are producing more highly efficient solar inverters, which cost less.
3. Brand
The solar inverter price trends have also been impacted by the brands. Now, reputed brands like Luminous are also launching affordable yet highly efficient solar inverters for consumers, keeping in mind the demand and pocket of the people. And with increased competition, there is significant competitiveness in the market around solar inverter prices. Visit various vendors’ websites and compare their prices to understand more.
4. Discounts
Compared to the old days, it is now possible to buy solar inverters online. This, again, has resulted in different prices. Now, you can get discounts and deals on solar inverter prices that make them quite affordable.
Some people even wait for a festive occasion or look for coupons to save money when buying solar inverters. If you wish to buy solar inverters at affordable prices, you too can look for such deals and discounts available on the websites of solar inverter manufacturers.
5. Incentives from the Government
Last but definitely not least, incentives from state and central governments have also impacted solar inverter prices. To promote and encourage the use of solar power, governments offer several tax benefits and incentives to those who install solar panel systems. This is applicable to both businesses and residential properties. All you need to do is contact the local authorities to see if you are eligible or not.
Another thing to note is that every state has different schemes and incentives. Thus, it is important to have proper details to understand how they will impact the solar inverter price.
The Takeaway
After reading all the points, there is one thing that’s crystal clear about the solar inverter price – it is getting more affordable day by day. Thus, if you have been planning to invest in one, you should definitely take the step ahead. Brands like Luminous have launched a wide range of solar inverters to match your budget. Head to their website to get more details.