SolarCity’s new technology makes rooftop solar power more efficient and affordable.
Renewable energy advocates have long promised a solar revolution where we can rely on cheap power from the sun. Now a leading solar company says their breakthrough technology takes us one step closer to making this a reality.
The rooftop solar maker SolarCity has announced its new solar panels will be the most efficient in the world, setting the standard for high-efficiency, low-cost devices, according to a Fast Company story. The development is the result of SolarCity’s acquisition last year of the tech start-up Silevo, which created the new solar technology.
The new solar panels will produce 30 percent more power than current rooftop solar, reducing the net cost of a typical solar installation by between 20 to 30 cents per watt, a significant savings given the current costs of SolarCity’s installations are about $2.90 per watt.
SolarCity founder and CEO Lyndon Rive calls the new solar panels the “holy grail” of home solar, since they make the technology much more widely affordable. Initially backed by his cousin, Tesla founder CEO Elon Musk, SolarCity is now a $4 billion company with a market share more than three times larger than its nearest competitor.
Still, there is tremendous room for growth in solar power. Just 2 percent of total US energy production comes from solar power, but solar is the fastest growing sector of the energy market, with 35 percent of new energy production, ahead of natural gas, wind or other sources.
Leave a Reply