Solar Panels Efficiency
Solar panels have come a long way in terms of efficiency.
Further research is increasing the efficiency and making the cost per watt
lower.
In the last ten years or so that solar photovoltaics (PV)
has really taken off as a renewable energy source. There are two major factors
influencing the technology’s growth: the steady improvement of both solar panel
cost and solar panel efficiency over time.
Highlights
Solar panel efficiency has dramatically improved over time,
and panels continue to push new limits each year
At the same time, the cost of going solar continues to drop
for property owners
Solar panel efficiency over time
The very first solar cells, invented in the 1800s, were less
than one percent efficient, not nearly enough to make them a useful energy
source. It wasn’t until 1954 that Bell Labs invented the first useful silicon
solar panel, which was about six percent efficient.
Since then, solar PV technology has evolved at a rapid pace.
Manufacturers have been able to create solar panels that are nearly 30 percent
efficient, and homeowners on the EnergySage Solar Marketplace regularly receive
quotes featuring solar panels with 19 to 21 percent efficiency from solar
installers. These high-efficiency panels can produce 25 percent more
electricity than the lower-tier economy panels that made up the majority of the
market in past years.
The technology exists to increase solar panel efficiency
even further. Researchers have managed to achieve 46 percent efficiency in
certain laboratory tests using advanced cell structures. However, super
high-efficiency panels are typically made of more expensive materials not used
in rooftop solar panels, and as a result, they aren’t currently cost-effective
Cost of solar panels over time: a tale of falling prices
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Over 10 years ago, in 2009, the cost of a solar panel
installation was $8.50 per watt. The solar industry today looks very different:
in addition to solar panel efficiency increasing dramatically, solar panel
producers have significantly improved their manufacturing processes. Solar
installers, too, can deploy solar PV across the United States more efficiently
now than they could ten years ago. The result: the price of solar has fallen by
more than 65 percent, to just $2.96/watt.
The price decreases over the past ten years are a major
reason why homeowners are increasingly interested in installing solar panels.
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