• Advanced Technology and Improved Efficiency: Over the years, there have been advancements in photovoltaic technology that have improved the efficiency of solar cells. This means that solar panels can generate more electricity from the same amount of solar radiation, reducing the number of panels needed to produce the same amount of energy.
• Mass Production: The growing global demand for solar panels has led to increased mass production. This has allowed manufacturers to benefit from economies of scale, reducing unit production costs.
• Market Competition: The increasing adoption of solar energy has increased market competition. Manufacturers and suppliers strive to offer high-quality products at competitive prices to capture a share of the growing market.
• Reduced Component Costs: The costs of components necessary for solar system installation, such as inverters and mounting structures, have decreased due to innovation and competition in the industry.
• Ease of Installation: Solar system installation has become more efficient over time due to industry expertise and process standardization. Trained technicians can install systems more quickly, reducing labor costs.
• Lower Maintenance: Photovoltaic systems require relatively little maintenance compared to other energy sources. This decreases operating costs over time.
• Advances in Financing: Specific financing options have been developed for solar projects, making it easier for owners or investors to access credits or loans for solar system installation.
• Incentives and Subsidies: Many governments and organizations offer incentives and subsidies to promote solar energy adoption. These can include tax credits, direct grants, and feed-in tariff programs that reduce initial costs.
• Increased Environmental Awareness: As awareness of climate change and sustainability grows, more individuals and businesses are willing to invest in solar energy, creating higher demand and potentially leading to increased investment in research and development to reduce costs.

In summary, the combination of advanced technology, economies of scale, market competition, government incentives, and increased environmental awareness has contributed to the cost-effectiveness of solar photovoltaic energy implementation.