Solar panels breaking new efficiency records and on the way to reach terawatt production scale
Renewable energy production continues its progressive development. Chinese solar panel manufacturer Jolywood has reached a new level of efficiency for Topcon n-type solar modules of 26.7%, results are confirmed by the Chinese Academy of Metrology and Science.
JA Solar - another Chinese manufacturer, predicts that the efficiency of two-side solar panels will reach 29% by 2025.
Not only the efficiency of solar panels is growing, but also the scale of production. Analysts at Clean Energy Associates (CEA) expect production capacity to reach a record 800 GW this year.
Analysts in their report noted that by 2027 production will reach a colossal scale of 1 TWh. On the contrary, prices are going down and will decrease by 15% by the end of this year.
Such info demonstrates that new developments are increasingly reducing the costs of energy from renewable sources.
Check this study, which shows that between 2009 and 2019 solar power generation has fallen in price from $ 359 to $ 40 (89% down).
However, about 10 years ago it was cheaper to build a coal-fired power plant :)