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Haley Zaremba
Haley Zaremba is an energy journalist and researcher with more than a decade of professional experience covering global energy systems, land and natural resources, and…
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Solar power is far and away the cheapest form of new energy to install in nearly every context around the world. Even in the United States, where the cost of solar additions has jumped up 18 percent since Trump’s tariffs took hold, solar remains the most affordable option for energy capacity expansion. It stands to reason that solar is therefore the fastest growing form of energy in the world, However, as the solar sector has gone gangbusters, profitability has been squeezed thanks to an increasingly competitive market.
Developing more advanced solar panel designs may hold the key for addressing these profitability concerns while simultaneously improving energy security and sustainability. Next-gen solar solutions have the potential  to shorten manufacturing and delivery timelines, thereby lowering expenditures and increasing profitability. At the same time, these next-gen panels also have the potential to increase the performance, efficiency, and durability of solar energy. This presents a win-win for producers as well as consumers, as it can boost the output of solar systems while also helping companies turn enough of a profit to sustain investor interest.
Research into advanced solar technologies generally follows one of two approaches: changing the form of solar panels, or changing the materials for greater performance. Some startups are looking into identifying materials that absorb more sunlight than standard silicon panels, while others are reimagining the shape and mechanics of panels to allow them to capture more sunlight as the sun changes position in the sky throughout the day and across seasons.
One of the most promising materials emerging in the field of next-gen solar is perovskite, which can be used to improve efficiency and durability of solar panels. Just this month, a team at The Hong Kong Polytechnic University (PolyU) publicized the creation of a new perovskite-organic tandem solar cell that is able to perform at 97 percent efficiency even when part of it is shaded, all without damaging the solar cells. This is impressive, as usually when solar panels are shaded, they can experience reverse-bias stress, which can permanently damage traditional solar cells.
“We have achieved important advances in the stability of OSCs and POTSCs under challenging reverse-bias conditions. Our research makes breakthrough contributions to the understanding of both device operation and durability in organic and perovskite solar technologies,” said Professor Li Gang, chair professor of energy conversion technology in PolyU’s Department of Electrical and Electronic Engineering.
This breakthrough comes at a critical juncture for the global solar energy sector. According to a recent report from McKinsey, the entire solar sector is under pressure to raise profit margins as the bottom line faces greater scrutiny. “In recent years, solar developers have faced a more challenging environment due to increasing competition, limited land availability in some regions, and grid congestion,” the report finds. “With capital expenditure (capex) accounting for roughly 40 to 70 percent of solar’s levelized cost of energy (LCOE), improvements in capital efficiency could be an important factor in keeping solar affordable and competitive” McKinsey goes on to say.
Keeping solar energy profitable is enormously important for achieving global decarbonization goals, as well as for establishing energy security – a growing issue as the artificial intelligence boom places unprecedented strain on global energy grids and the United States’ and Israel’s war in Iran keeps global oil markets and supply chains in turmoil. Making sure that solar panels stay affordable and efficient as well as profitable is therefore paramount to a sustainable and secure energy future.
“Maintaining a generation growth rate aligned with the NZE Scenario will require doubling of annual [solar energy] capacity additions by 2030,” reports the International Energy Agency. The enormity of these necessary additions will require significant research and development “focused on efficiency and other fundamental improvements,” the report states.
By Haley Zaremba for Oilprice.com
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