Thanks to millions of dollars invested by the United States Department of Energy, the cost of solar energy is projected to drop by 50 percent between now and 2015. For example, the cost of power from utility-scale solar projects would drop from $0.13 per kWh today to $0.06 in 2015, which is equivalent to the cost of wholesale utility power.

For consumers, the cost of rooftop solar power could drop as low as $0.06 per kWh by 2030. At that cost, solar power will be significantly cheaper than current residential electricity rates, saving an average household more than $400 per year in electricity bills.

DOE grants funded by the Recovery Act have supported increased manufacturing and deployment of solar materials. For example, the largest photovoltaic power plant in North America, the 25 MW DeSoto Solar Park in Pensacola, Florida, which consists of over 90,000 solar panels and provides enough power for 3,000 homes, was funded in part by the Recovery Act.

Solar isn’t the only renewable becoming more economically feasible for a wider range of consumers.. It is estimated that by 2012  renewable energy generation capacity from wind, solar, and geothermal, along with renewable manufacturing capacity, will double, producing enough energy to power 16.7 million homes. 

Not to be overlooked is the plummeting cost of EV and hybrid batteries, which are expected to drop as much as 66 percent to $10,000 and $4,000 respectively. That will make electric cars, for the first time, less expensive over the life of the car than similar non-electric vehicles. The size of the batteries is expected to decrease by a third over the next five years and the reduced weight will result in less energy need to power the car. In addition, by 2015 battery life is expected to increase to 14 years, compared with four years currently.

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