Oxford PV has created a solar panel in collaboration with the Fraunhofer Institute for Solar Energy Systems that a record 25% conversion efficiency.
This represents an increase on the more typical 24% efficiency of commercial modules.
With solar power accounting for three-quarters of renewable capacity additions worldwide in 2023, increasing the efficiency of solar panels has transformative potential in the drive towards net zero and an all-electric future.
As the installation of solar power continues to gather pace, more efficient solar panels will generate more power over the same area, reducing the cost of electricity and further accelerating the adoption of clean energy.
Oxford PV, a spin-out of the University of Oxford is a developer of perovskite-on-silicon tandem solar cells, which have a theoretical maximum efficiency of over 43%, compared to less than 30% for silicon solar cells.
Chris Case, Chief Technology Officer, Oxford PV, said: “Our record-breaking solar panels demonstrate that we are on the cusp of the next solar revolution, which will be delivered, in part, by our tandem cell technology.
“Solar energy is currently among the most cost-effective and sustainable energy sources. Our continuous advancements in technology will further enhance module efficiency – producing more electricity from the same area – and extending their use to all market sectors from residential, commercial through to utility scale.”
