Latest Technology in Solar Panels in 2024

Solar panel innovations have seen massive advancements and trend shifts. 2024, in particular, is on the threshold of a solar revolution. Here’s why:

• Earlier, polycrystalline solar panels were a more popular choice for residential installation since they were more affordable. But now, new technology solar panels – bifacial and mono PERC – are widely used.
• Many new higher-performing materials have been discovered – perovskite, heterojunction and tandem solar cells.

You must know all the specifics about the latest technology in solar panels because the system you install today will last for at least 25 years. 

Here’s a compilation of two new technology solar panels that homeowners should be aware of.   

Latest Technology in Solar Energy: The Most Practical Panel Types for Residential Installation 

1. Bifacial Solar Panels

Traditional solar panels collect direct sunlight from one side only. However, bifacial solar panels have solar cells on both sides. 

The upper layer absorbs direct sunlight. The bottom layer absorbs the sunlight that the top layer reflects. Bifacial solar panels generate more electricity than their predecessors since they can capture and convert more sunlight.  

Here’s why this matters: 

• Increased energy yield: Bifacial panels have shown up to 30% more energy production than traditional solar panels in labs. The current practical output is up to 22%. With more research underway, the efficiency of bifacial panels will only increase. 
• Versatile installation: Bifacial solar panels are ideal for you if your rooftop has a high-reflective surface or you live in areas where it snows a lot.
• Longevity: Bifacial panels often come with more durable construction and extended warranties. Their degradation rate is just 0.45% to 0.55% per year. 

2. PERC (Passivated Emitter and Rear Cell) Solar Cells

PERC technology adds a passivated layer of solar cells on the rear side, a massive upgrade from traditional panels. Including an added layer improves the efficiency of the solar panel, as it can capture sunlight from the rear side as well. The latest innovation in PERC technology is the MonoPERC solar panels. 

This innovation matters because of the following reasons. 

• Boosted efficiency: By capturing light that would otherwise be wasted, PERC cells significantly increase the energy output of solar panels. In Mono PERC panels, this efficiency shoots up to 25%.
• Better performance in low-light conditions: These cells perform exceptionally well in low-light conditions, making them versatile across various climates.
• Reduced costs over time: The initial investment might be slightly higher than old technology panels, but the increased efficiency means quicker payback times and long-term savings.

Future Technology to Keep an Eye on

Technology constantly evolves. Here’s a snapshot of the future and whether it’s worthwhile to hold up your installation until the trends fully explode! 

1. Perovskite Solar Cells

Perovskite cells, which break records with efficiencies over 30% in the lab, are considered the solar industry’s future. They offer the flexibility to be used on surfaces where silicon can’t be used.  

However, perovskite is still in its early development stages. While it might be ready for large-scale installations within a decade, the mass adoption of perovskite solar cells for the residential sector is still a pipeline dream, primarily because of their high cost. 

2. Transparent Solar Panels

Transparent solar technology integrates into windows and glass surfaces, turning buildings into power generators without blocking the view. Although thin-film panels are great options for commercial installations, they are not viable for mass residential solar installations in India.

They might see a future in commercial offices because of the following reasons. 

• Architectural freedom: They blend seamlessly with modern design, offering energy solutions without aesthetic compromises
• Increased surface area: Every glass surface becomes a chance to generate power, vastly expanding solar energy’s reach

3. Heterojunction Solar Cells

Heterojunction technology (HJT) combines the best of two worlds — crystalline silicon and amorphous silicon layers — to create solar cells with enhanced efficiency.

HJT cells achieve higher efficiency rates by enhancing the absorption of sunlight and reducing electron recombination, pushing the boundaries of solar power productivity. 

In fact, these cells also perform exceptionally well under high temperatures since they have a higher temperature coefficient.

4. Tandem Solar Cells

Tandem solar cells layer two different types of photovoltaic materials — such as silicon and perovskites — to capture a broader spectrum of sunlight and thereby convert more light into electricity. 

By harnessing light across different wavelengths more effectively, tandem cells break through the theoretical efficiency limits of single-material solar cells.

As research progresses, tandem technology is expected to become more affordable and scalable, making ultra-high-efficiency solar panels the standard.

5. Thin Film Solar Cells

Characterized by their lightweight, flexible design, Thin Film solar cells can be applied to various surfaces, making solar installation more versatile than ever.

Their flexibility opens up new applications for solar power, from portable electronics to unconventional building integrations. Generally cheaper to manufacture than silicon-based cells, they offer a cost-effective solution for large-scale installations.

6. Floating Solar Farms

Solar takes to the water with floating solar farms. Installed on lakes and reservoirs, they’re a smart solution to land use challenges.

Here’s why this technology has become the talk of the town:

• Cooling effect: Water beneath the panels keeps them cool, boosting efficiency. This naturally reduces the chances of panels being affected when the mercury soars
• Water conservation: They reduce evaporation from water bodies, conserving precious resources

7. AI-Optimized Energy Systems

Integrating Artificial Intelligence with solar systems will make solar power systems more intelligent and efficient. Here’s how:

• AI algorithms can forecast energy production and demand, ensuring optimal energy distribution
• Real-time monitoring will help in predicting maintenance needs, reducing downtime and costs
• AI will enhance the ability of solar systems to integrate smoothly with the grid, balancing supply and demand effectively.

However – should you wait for these technologies to fully emerge before you install solar at home? The answer is no. 

These technologies are still in their very initial phases. Their evolution and manifestation could take a decade. Considering how swiftly electricity tariffs are increasing, there’s no better time than now to install solar panels and benefit from them.  

Top 4 Benefits of Adopting New Technology for Solar Energy 

1. Advanced materials and designs, such as PERC and bifacial panels, push the efficiency envelope. Higher efficiency translates to more electricity, which significantly cuts down the electricity bills 
2. The initial investment in solar technology is offset quicker, thanks to the new technology of solar panels that have a higher efficiency rate
3. By harnessing renewable energy from the sun, solar systems decrease carbon emissions, directly combating climate change
4. The solar industry’s growth spurs economic development, driving demand for jobs in manufacturing, installation, maintenance, and research and development

So what should you choose – Mono PERC panels or bifacial panels or any other panel;?

First, you must investigate many factors to determine which solar panel technology is right for you. 

SolarSquare sends expert consultants for home visits to take into account the following factors – 

• How much shadow-free area does your roof have?
• What’s the scenery around – are there many obstructions nearby?
• What’s the pollution index in your region?
• How much direct sunlight does your rooftop receive?

These are just a few factors. Our experts run through an exhaustive checklist to do a thorough shadow analysis of your roof. The decision to choose the panel type should only be taken after a rooftop inspection. Book a free consultation with SolarSquare today, and let our experts guide you on what panels will offer you the best ROI!

FAQs

Q1. How do the latest solar panel technologies compare to traditional panels in terms of efficiency?

Traditional polycrystalline panels typically convert 15-16% of sunlight into electricity. The newest technologies push this number up to 22%, with some experimental setups achieving efficiencies over 30%.

Q2. Can the new solar technologies work in low-light conditions or during cloudy weather?

One key advantage of the new technology solar panels, particularly PERC and bifacial panels, is their enhanced performance in low-light conditions and cloudy weather. 

They are designed to capture a broader spectrum of sunlight and utilize reflected light more effectively, ensuring consistent power generation even on overcast days.

Q3. What’s the cost trend for solar panels, given the introduction of these new technologies?

While bifacial and mono PERC solar panels are costlier than polycrystalline panels, they offer a much better ROI. 

• The current cost for bifacial panels is approximately ₹30/watt
• For monocrystalline solar panels, this cost is approximately ₹29/watt

Please note: These prices are just indicative. The final cost may vary.