SunPower Corporation (NASDAQ:SPWR) has created a new solar panel based on silicon that has the highest efficiency in the world. The 24.1% efficiency of SunPower’s new solar panel was confirmed by an agency of the Department of Energy. Until now, the world’s highest solar panel efficiency was 22.8% and that record was also held by SunPower’s solar panels.
Solar panel efficiency is the measure of the amount of sunlight that the panel can convert to electricity out of the total amount of light that hits it. As such, higher efficiency means that only a few panels would be needed to generate solar energy in a confined space such as a rooftop.
What the competition offers
While SunPower now boasts a panel with 24.1% efficiency, the efficiency of panels by rivals is in the range of 15% to 18%. As such, its panels are capable of generating up to 70% more energy than rival panels of similar sizes. That should be a major selling point for SunPower in the solar energy market, especially among customers with limited ground area to cover with panels to generate electricity.
It was only a few months ago that SunPower unveiled a record-holding silicon solar panel with efficiency of 22.8%.
Efficiency claim verified
SunPower Corporation’s claims of record 24.1% solar panel efficiency were verified by the National Renewable Energy Laboratory. In making the high-efficiency panels, SunPower said it used solar cells capable of converting 25% of sunlight to electricity.
Demand for renewable energy
SunPower Corporation has added the highest efficiency solar panel to its portfolio of panels at a time when demand for renewable energy such as solar and wind is expected to increase following the adoption of the Paris climate agreement by more than 170 countries. The Paris climate deal rallies nations to increase the portion of clean energy in their national electricity grid to help lower their greenhouse gas emissions.
SunPower Corporation and peers in the renewable energy sector stand to benefit from the implementation of the Paris climate agreement.