Australian scientists said they have made breakthroughs in improving the efficiency of solar panels, and they hope that in the end may lead to cheaper renewable energy resources. The University of New South Wales is the world’s first description, and researchers are able to convert more than 40% of the solar panels into electricity. “This is the highest efficiency ever reported to convert sunlight into electricity,†said Martin Green, a professor at the University of New South Wales, in a statement. "We use commercial solar cells, but in a new way, so these can really improve the efficiency of the solar industry." Traditional methods use a solar cell, which limits the conversion of sunlight to electricity by about 33%, and new technologies convert sunlight into sunlight. For four different cells, this increases the conversion level, Professor Green said. The level of record efficiency achieved was tested in Sydney, replicated at the US government's National Renewable Energy Laboratory.
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Prototype technology will use Australian company RayGen Resources Solar Towers, using solar tracking mirrors to concentrate sunlight in high buildings. Professor Green hopes that technology can eventually be used to install solar panels on people's roofs. He said that there are currently 15-18% efficiency. "The panel on your home roof has only one cell at the moment but in the end they will have several different cells and they will be able to increase the efficiency to this level," he said. Professor Green said that in the solar energy industry, such as higher conversion levels, it has helped advance the cost of renewable energy manufacturing technology. He is confident that in a decade solar power will be cheaper than coal.