The efficiency of solar panels has been on a consistent upward trend over time, as reflected in the NREL chart below, which shows efficiency improvements across various generations of solar panels, spanning from past to present and projecting into the future.
Source: NREL
A key takeaway is the continual dedication of engineers towards the design and production of solar panels with increased efficiencies. This commitment has persisted for decades and shows no signs of slowing down, especially with the ongoing global expansion of solar energy infrastructure.
Among the range of solar panel options, crystalline silicon cells (the blue lines in the chart), particularly monocrystalline panels, stand out as the most widely sought for residential and commercial applications. These panels offer exceptional versatility, making them the focal point of attention across the solar industry.
Mononcrystalline Solar Panels Reach A Record 24.9% Efficiency
In March 2024, Maxeon, a solar manufacturer long associated with producing the most efficient panels, revealed that its newest monocrystalline panels achieved 24.9% efficiency in a testing lab, and 24.1% efficiency in the real world. This notable accomplishment represents a 12% increase in efficiency compared to 2015 when peak efficiencies for monocrystalline panels were 21.5%.
While the efficiency improvements have been steady over the past decade, the rate of annual change pales in comparison to the cost reductions that solar panels have enjoyed, with solar panel costs decreasing from $0.70 per watt in 2015 to $0.10 per watt in 2024.
Greater Efficiencies Result In More Energy Per Square Foot
Monocrystalline panels are known for their high efficiency and longevity. Since they are made from a single crystal (mono) they have a consistent structure with fewer defects, allowing them to convert sunlight into electricity more efficiently than other types of solar panels.
This higher efficiency means that monocrystalline panels can generate more electricity across a designated area. This makes them a popular choice for residential and commercial solar installations where space is limited.
Dual Benefits of Reduced Solar Panel Prices & Increased Solar Panel Efficiencies
It's important to acknowledge the dual benefits stemming from the advancements in solar technology: reduced prices and increased efficiencies.
Lower costs render larger solar systems attainable for more people, while efficiency improvements translate to a reduction in space requirements compared to just a few years ago. This is especially significant given the constraints of limited roof space.
Roof-space freed-up from solar panel efficiency gains can be utilized for other purposes or to accommodate larger solar installations than was possible in the past. - Stuart Rodnick, WCE