The Economic Case for Solar: Insights from Energy Expert Iuliia Merezhko
By: Nancy Pierce
Today, approximately 21% of the United States’ electricity is generated from renewable energy sources—solar, wind, and hydro. According to a report from the U.S. Energy Information Administration (EIA), this figure is projected to rise by 2025.
With a master’s degree and a distinguished award for professional achievements in alternative energy, Iuliia Merezhko, founder and CEO of solar panel installation company Energy Ray LLC (Florida), argues that solar power is the driving force behind this energy transition.She mentions that solar power capacity in the U.S. has significantly increased, with generation expected to continue growing by the end of the year.
Merezhko highlights that this year marks the first time when annual solar generation in the U.S. will surpass hydroelectric power. She attributes the cost-effectiveness of solar panels to declining panel prices, increased government support, tax incentives, and attractive returns on investment.
Solar Panel Costs in the U.S.
Over the past decade, solar panel prices in the United States have dropped by 70%, according to Merezhko. While the average system cost $3.86 per watt in 2010, prices in 2023 range from $0.70 to $1.50 per watt. Merezhko credits this decline to technological innovation, production scaling, and intense competition in the global market.
“Today, manufacturers offer high-efficiency, durable panel systems at significantly lower prices, greatly reducing barriers to solar energy adoption,” says Merezhko. According to her, data demonstrate the economic benefits of solar power for both individuals and businesses.
How Solar Power Benefits Households and Businesses
“The average U.S. household spends around $1,500 to $2,000 annually on electricity. Installing a solar system may potentially cut these expenses to $500 or eliminate them. A homeowner with a 6 kW system could potentially save around $20,000 to $30,000 over the panels’ 20-year lifespan, depending on the state and electricity rates,” Merezhko explains.
She also emphasizes that solar power can significantly benefit United States businesses, particularly those with high energy demands.
“Systems with 100 kW or more capacities may save businesses hundreds of thousands of dollars over their lifespans. In the long term, many companies view solar energy as a unique way to reduce operating costs and enhance corporate sustainability,” says Energy Ray LLC’s CEO.
Photo Courtesy: Iuliia Merezhko
About Iuliia Merezhko
Originally from Ukraine, Iuliia Merezhko graduated from Ukraine’s oldest institution, Kyiv National University of Vadym Hetman, founded in 1906, with a Master’s degree in Economics. For her professional achievements, she received the national “Order of Ivan Mazepa” from Ukraine’s Business Assembly. She founded Promin Energo in Ukraine, a company dedicated to solar energy generation.
Merezhko’s strong academic foundation, deep market knowledge, and extensive managerial experience allowed her to rapidly position Promin Energo as a competitor to Ukraine’s renewable energy leaders. Her prestigious “Order of Ivan Mazepa” award acknowledges her expertise, further evidenced by numerous academic publications.
Since 2022, Merezhko has lived in Florida, where she established and leads Energy Ray LLC, a solar panel installation company. With ambitious plans, she aims to contribute to expanding the U.S. renewable energy sector and boost national and regional solar electricity production.
Published by: Josh Tatunay
