Created by a University of Oxford research spin-off called Oxford PV, its residential-size solar panel recorded an efficiency figure of 26.9 percent.
According to the firm, the new technology will allow “homeowners along with commercial and utility customers to benefit from upwards of 20 percent more power with the same footprint,” said David Ward, CEO of Oxford PV, in aThe practical and financial efficiency limit of silicon, the predominant solar photovoltaic technology, is reaching saturation. The team aims to break the barrier to solar efficiency using its perovskite solar cell technology.
The combination of perovskite and silicon results in a theoretical efficiency limit of 43 percent, significantly higher than the 29 percent limit for standalone silicon cells. Oxford PV claims that the incorporation of perovskite materials into solar technology enhances overall efficiency and promises a sustainable and cost-effective future for the photovoltaic industry.