Sponsored post: Solar panel technology reaches record-breaking efficiency

Solar panels use semiconductor technology to convert energy from sunlight into electricity. These solar-powered photovoltaic systems have been growing in popularity and are becoming increasingly affordable and more efficient as the years go by. But although photovoltaic technologies are advancing, the amount of incoming sunlight a solar panel can convert into electricity is limited. The average efficiency of solar panels until recently used to be approximately fifteen per cent - a fraction of the total absorbed solar energy. While the second law of thermodynamics prohibits a solar cell from being 100 per cent efficient, recent advancements in photovoltaic technology have caused the average efficiency to reach new heights.

In 2023, efficiencies of fifteen per cent are generally the bare minimum for solar cells. According to Forbes, the efficiency of solar panels is now between fifteen and twenty-two per cent, while high-efficiency panels can reach nearly twenty-three per cent. And that’s merely for residential users. Under laboratory conditions, solar panels can even reach an efficiency of 39.5 per cent in lighting conditions akin to that of the sun: an improvement of 0.3 per cent compared to the previous all-time high. Photovoltaic technology is advancing, and it’s advancing fast.