Over time, photovoltaic (PV) power generation technology has continued to evolve, allowing the cost of solar panels to be reduced and PV power generation to become more and more efficient, making it attractive for a growing number of residential and commercial applications.

How has the efficiency of solar panels changed over time?

In 1950, photovoltaic conversion efficiencies surpassed 2% and 4% one after another.

In 1954, the photoelectric conversion efficiency of crystalline silicon cells increased to 6%.

In 1955, it reached 9%.

In 1960, the rapid development to reach 14%.

In 1999, multi-junction solar cells achieved an efficiency of about 30%.

In 2006, multi-junction solar cells with photoelectric conversion efficiencies of up to 42% were invented.

In 2010, solar panel efficiency reached 16%.

In 2015, solar panel efficiencies of up to 23% were achieved.

In 2019, multi-junction solar cells with up to 47% were developed.

In 2021, a solar panel conversion efficiency of 30% was realized.

Now, excluding multi-junction solar cells, the highest solar panel efficiency is up to 33%. Compared to 1950, this is an increase of about 10 times.

Benefits of Growing Solar Panel Efficiency

Higher efficiency of solar panels means higher conversion of light energy into electricity. Humans can utilize solar energy more efficiently so that fewer solar panels can provide the same amount of electricity. Not only does this save labor and space, but it is also much more cost effective.

Cost reductions from growth in solar panel efficiency

In 1950, photovoltaic power systems cost as much as $300.

In 1970, when solar panels were not flourishing and the development of technology was not mature, not only the efficiency of solar panels is low, but also, the cost is high. Few people use, unless some special purposes, the price is even more prohibitive, about 100 dollars per watt.

In the 21st century, with the continuous development of photovoltaic power generation technology, the price per watt is about 10 dollars.

Now, the average price per watt is $2 to $3. Globally, the lowest photovoltaic power generation price has dropped to less than $0.1 to $0.2 per watt. This is a qualitative leap compared to the previous , is a qualitative leap. In just a few decades, the price of photovoltaic power generation has fallen so quickly, the future will be even cheaper, that are possible.

How did photovoltaic power generation enter the millions of households?

Initially, the efficiency of solar power was very low, so the cost was so high that basically no household would use it.

In 1970, the frequent outbreaks of war and the imposition of OPEC is by embargoes caused the price of oil to grow to 4 to 5 times the price of oil, and people at that time mainly used oil as an energy source, making them look for other sources of energy, such as: nuclear energy and solar energy system. Most of the countries realized some programs that promoted the use of photovoltaic power generation.

In 1990, there was a crisis in the climate and ecology that made people to look for energy saving and emission reduction sources. This has led to a continuous focus on renewable energy – solar energy – and the gradual establishment of national policies.

In the 21st century, due to the relevant policies introduced by various countries and the decreasing cost of photovoltaic power generation, photovoltaic power generation is becoming more and more widely used in our homes.

Conclusion:

Nowadays, renewable energy gradually replaces traditional fossil fuel exploitation, so that our ecological environment is safeguarded. Photovoltaic power generation technology among renewable energy sources is the most mature and efficient. It can not only solve our power supply problem, but also reduce our electricity bill. Based on human wisdom and a strong sense of environmental protection, it is believed that in the future, as people continue to explore, photovoltaic power generation technology may be combined with other technologies to become more and more efficient, energy-saving and emission-reducing, so as to provide convenience for our lives.