A New Solar Panel Solar Record Has Been Set
Solar panel solar efficiency is one of the most important statistics that you can look at. The total efficiency of a solar panel affects how much electricity is generated from the light that hits the panel. It’s recorded as a simple percentage. If a panel has 20% efficiency, then 20% of the light touching the panel is converted into electricity.
In today’s market, 20% is quite a high figure. As an example, some of the best panels made by Qcells (a supplier to New York Power Solutions), hit around 21.4% efficiency. This number is sufficient to generate a strong return on investment over the 25 years that each panel is expected to last.
Even though panels are already beyond the point of being economically viable for both families and grid operators, scientists are still pushing to gain more efficiency. The world record for efficiency was broken this week with Chinese company Longi reporting that it developed a solar panel that hits 33.9% efficiency. While the panel isn’t available for production, the news shows that as time progresses, the viability of solar panels will only increase.
Why Efficiency Matters for Solar Power in New York
Overall solar panel solar efficiency is important because it can decrease the time it takes for solar panels to pay through.
If you get solar power in New York, your solar panels should be able to pay for themselves with savings within the first ten years. This is to say that the savings generated in that time will meet and then exceed the original cost of installation. After this time, all the savings generated will be your return on investment.
The higher the solar panel solar efficiency rating, the bigger the return on investment. Or, in the case of commercial panels used for large solar farms, higher efficiency means more output for the grid and more efficient use of space.
The Chinese company in the latest news was able to reach such a high level of efficiency by incorporating perovskite into its solar cells. This is an exotic material that is known to increase efficiency but it’s currently not durable enough for widespread use. Researchers around the world have been exploring the use of perovskite combined with silicon to create panels that hit higher efficiency ratings without compromising durability.
While it could take several years for perovskite to become commercially viable, it’s still interesting to see that the solar industry is developing so rapidly.
You Don’t Need to Wait for More Efficient Panels
You might be thinking… if solar panels continue to improve, should I wait for them to get better? While delaying your investment in solar might seem to make sense, you’d actually be throwing away potential savings today. Residential solar panels can already greatly offset your electricity bill. There are also guaranteed tax incentives available today that can be tied directly into SMART solar financing. The current market is highly favorable to homeowners, and there’s no guarantee of how long these conditions could last.
Although SMART solar financing is likely to remain affordable in the coming years, there’s a real possibility that solar tax credits could be reduced dramatically as more homes switch to solar.
There’s also the fact that the cost of electricity in New York is disproportionately high compared to the rest of the nation. You can shield yourself from high utility rates by investing in solar today.
You’ll Learn More with a Free Home Solar Estimate
Switching to solar power in New York is a good move from an environmental perspective, but the biggest advantage for families is that solar is more affordable than buying electricity from the grid. When you get a free home solar estimate, you’ll start a process where you’ll learn about solar benefits for your home. New York Power Solutions will develop a cost/benefit analysis report, which will put the long-term savings into perspective with the cost of solar.
You’ll pay nothing to learn more. Solar panel solar efficiency continues to increase. You can get some of the best panels on the market today when you book your solar installation with New York Power Solutions.