Key facts
- A new perovskite-organic tandem solar cell maintains 97% efficiency even when partially shaded.
- The design addresses reverse-bias stress, a problem that can permanently damage traditional solar cells.
- Solar power remains the cheapest form of new energy globally, despite recent cost increases.
- The solar sector faces pressure to improve profit margins amid increasing competition.
- Annual solar energy capacity additions need to double by 2030 to meet decarbonization goals.
Solar power continues to be the most affordable option for new energy installations globally, even with recent cost increases in the United States due to tariffs. However, the rapidly growing solar sector faces squeezed profitability due to intense market competition. Advanced solar panel designs are seen as a key solution to address these financial concerns while enhancing energy security and sustainability.
Research in this area is exploring new materials and panel designs. One promising material is perovskite, which can boost efficiency and durability. A team at The Hong Kong Polytechnic University (PolyU) has developed a perovskite-organic tandem solar cell that can operate at 97% efficiency even when partially shaded. This is significant because shading typically causes reverse-bias stress, which can permanently damage conventional solar cells.
Professor Li Gang of PolyU highlighted the breakthrough in understanding device operation and durability under challenging conditions. This development arrives as the global solar industry faces pressure to improve profit margins, according to McKinsey. The consulting firm noted that capital expenditure constitutes a substantial portion of the levelized cost of energy for solar, making capital efficiency improvements crucial for maintaining affordability and competitiveness.
Achieving global decarbonization goals and ensuring energy security, especially with rising energy demands from AI and geopolitical instability affecting oil markets, hinges on maintaining solar's affordability and efficiency. The International Energy Agency estimates that annual solar energy capacity additions must double by 2030 to align with net-zero scenarios, underscoring the need for continued research and development in fundamental improvements.