The Change in Price and Efficiency of Solar Panels

In today's world, there are various energy sources we use to meet our energy needs. One of these sources is solar energy. In 1893, Charles Fritts produced the first solar panel by coating selenium plates with a thin layer of gold. Then in 1941, Russel Ohl succeeded in significantly reducing the cost of solar energy production by inventing the silicon-based solar cell. Today, various types of solar panels have emerged based on efficiency, price, and conditions.

Calvin Fuller, Gerald Pearson, and Daryl Chapin began developing the silicon solar panel in 1953, and in 1956, under the name Hoffman Electronics, they introduced solar panels to the market with an average price tag of $300/watt. These panels, initially with 4.5% efficiency, reached 6% efficiency within a few months. Hoffman Electronics, intensively engaged in this field, reached 10% efficiency in 1959 and 12% efficiency in 1960. With investments in technology and production, the prices of PV solar panel cells dropped to an average of $76/watt in 1977. In 1992, the University of South Florida achieved thin-film solar panel cells with 15.89% efficiency.

By the 1980s, prices became more affordable, reaching $30/watt in the market. In 1981, solar panels, with an average market price of $24/watt, declined to levels of $18/watt. Over time, with increased production speed, costs further decreased, reaching $8/watt in 1988. In the 2000s, solar panels, available at an average price of $13.77/watt in 2000, found their place in the market at $7.5/watt in 2008, and in 2012, Solar Frontier introduced solar panels with 17.8% efficiency at $0.8/watt. In 2015, solar panels reached an average price tag of $0.30/watt, and after SolarCity achieved 22.04% efficiency in October, SunPower managed to produce panels with 22.8% efficiency in the same month.

In 2016, NREL and the Swiss Center for Electronics and Microtechnology succeeded in producing solar panels with 29.8% efficiency. These panels entered the market with an average price tag of $0.5/watt. In 2017, in a race for efficiency among rival companies, a group of American scientists achieved 44.5% efficiency in panel production, setting a new record. NREL researchers reached 47.1% efficiency. In 2018, panels reached $0.34/watt, dropping to $0.19/watt by 2020, and with fluctuations in 2023, they fell to levels of $0.07/watt.

Özenç Baran Yeni | Energy Systems Intern