Solar energy is a simple derivation and conversion of solar light into a usable form.
Photovoltaic cells are composed of layers of semiconductor material, preferably silicon, to convert the sunlight focussed onto them into energy while releasing a few electrons and thereby, generating an electric field across the layers.
In the past few years, the efficiency of solar photovoltaic (PV) technology has increased, and noticed several remarkable improvements in the process. This has been driven by advancements in material craft, manufacturing processes, and component design.
Though solar panels were invented around the 1880s using a thin layer of gold with only 1 percent of the energy conversion rate, they became commercially viable only in the 1970s.
While increasing their efficiency over time, the cost of solar panels has decreased substantially along with the cost per watt generated by solar PV.
The 1977 saw its most efficient solar cells operating at efficiencies of around 14 percent.
Today, such cells have achieved and exceeded 25 percent efficiency in solar energy generation.
If we are to witness efficiency gains in the right manner, a yearly increase is the best way.
In the period from 1977 to 2000, the average annual increase in solar PV efficiency was approximately 0.3-0.5 percent. However, in recent years, this annual rise in efficiency has reached around 1-1.5 percent.
This has been because of greater investment and consequent research in the sector resulting in developing clean energy respecting the economies of scale.
New materials like perovskites are already on the way and advancement in every manufacturing aspect is happening. But what if we ask whether the solar energy produced is being measured right? A simple question of whether the efficiency of Solar PVs is measured in a definite manner by all pinpoints the exact problem of the industry.
This inconsistent measuring of Solar PVs has led to several discussions across the relevant academia. A universal figure of analysis is therefore required to grade the performance of Solar PV technology.
Policy and Economic Reflections
While innovations drive technological advancements that further impact pricing and economic aspects of renewable energy, major efforts to improve the adaptation of solar energy need to address policy and economic factors too.
Continuous government policies, subsidies, other incentives, and favorable regulatory frameworks play a vital role in flourishing unconventional energy systems.
Several state policies therefore encourage net metering or feed-in tariffs, building-integrated photovoltaics (BIPV), solar tracking systems, and floating solar farms leading to better usage efficiency of clean energy produced and reaching the epitome of clean energy generation.
These leveraged offerings lead to both consumers and businesses investing freely and profitably in solar infrastructure.
Furthermore, the public as well as private sectors have also stepped in to revolutionize the cost structure of solar technologies. Economies of scale which are essential for a technology to be widely available and viable have been created through mass production and streamlined installation processes. This has made green energy prices competitive enough with those of fossil fuels.
What lies in our Future?
Looking ahead, the future of any feasible renewable energy technology say solar appears gifted with consistent advancements and supportive policy measures.
As the world thrives with climate change, consumers continue to demand and move towards a more sustainable energy future.
Here, solar energy will undoubtedly play a breathtaking role while supporting the growing energy demands and mitigating climate change.