The evolution of solar panels over the decades showcases significant advancements in technology and the efficiency of solar energy. This has significantly moulded consumers’ thinking towards energy production and solar panel efficiency.  

Although it may be tempting to find out what the most efficient solar panels for businesses are, there is no real need to do so. Most solar panels operate using similar underlying photovoltaic technology, which is the technology that converts sunlight into electricity.  

So, whether the solar panels being used are monocrystalline, or polycrystalline, solar panels use the same basic principle and technology. Thin-film solar panels, however, use a different type of technology.  

There may be slight variations in the cost involved with the implementation and efficiency; these differences are often overshadowed by factors such as the specific energy needs of a facility, the location of the building, and installation conditions.  

Instead of focusing on finding out which solar panel is the best on the market, it would be more useful and practical to find out which panel best suits your needs and the type of building you operate in.  

What is photovoltaic technology and how does it affect solar panel efficiency?

Photovoltaic technology is also known as PV technology and refers to the method of converting sunlight into electricity. Semiconductor materials are used as they generate electricity when exposed to sunlight.  

In essence, this is the method used to generate solar energy, offering a clean and sustainable alternative to fossil fuels.  

There are a few different components used to make up a photovoltaic system, such as:  

• Solar panels: composed of multiple solar cells

• Inverter: converts the direct current (DC) electricity into an alternating current (AC)

Key technological innovations

Improvements in photovoltaic technology over the years have primarily focused on increasing the efficiency of solar panels and solar cells and reducing the costs associated with producing and installing these solar panels. Innovations like multi-junction solar cells and thin-film solar cells have also contributed to these improvements.  

A few other technological advancements made include the following:  

• Material advancements: tandem layers and quantum dot technology are used to create solar cells that can capture more of the sun’s energy

• Design improvements: bifacial panels, thin-film advancements, and anti-reflective coatings are all technologies that improve the performance of the solar panels

• Integration: energy storage systems and smart panel technologies allow for excess energy to be stored away and used when needed

As research continues and technology evolves, photovoltaic systems are becoming an increasingly cost-effective and sustainable option for producing electricity, reducing our dependence on fossil fuels and decreasing the carbon footprint associated with energy consumption.  

Cost and accessibility trends

It’s safe to say that the past decade has brought about a lot of change regarding solar energy and solar panel efficiency and being able to access solar energy a lot more easily.  

In 2014, for example, it was a lot more expensive to implement solar panels for businesses and homes because the materials needed to install solar systems were more expensive. Also, the technology required to produce solar panels seemed more advanced at that time and manufacturers were still busy trying to understand the type of technology being used.  

The price per watt in 2014 for 8 solar panels was £1.90 - £2.00. In 2024, however, this has decreased to between £1-£1.50 per watt. This reduction is primarily attributed to economies of scale and ongoing innovation within the sector.

As the demand for solar energy has increased, manufacturers have ramped up production, improving the manufacturing process and lowering the overall manufacturing costs per unit.  

As well as this, the increase in technology has ensured that today’s solar panels convert more sunlight into electricity, which automatically increases the return on investment for businesses.  

Also, the improved ROI and shortened payback periods are significant factors in the increased adoption of solar technology. For businesses, investing in solar energy has become an increasingly attractive option due to significant reductions in operational energy costs and the potential for tax incentives and credits.  

Residential consumers also benefit from lower energy bills and potential increases in property value. The payback period for solar panel installation, which could have been upwards of 10 years in 2014, has now been reduced to as little as 5 to 7 years depending on the location and scale of the installation.

Panels for specific installations

Nowadays, installing solar panels is a lot easier because of the design technology that has been improved upon. For example, there is more knowledge about the best way to position solar panels when installing them to ensure that they’re being used in the most efficient way.  

As well as the design technology, it is important to note that certain types of solar panels are more efficient for specific installations than others. For example:  

Monocrystalline solar panels

Monocrystalline solar panels are best for high-end commercial installations where being able to maximise on energy output in a limited space is necessary.  

Polycrystalline solar panels

Polycrystalline solar panels are usually better for business projects that have a lower budget. Due to being more cost-effective, they are more suitable for large-scale installations where saving money is prioritised over maximum efficiency.  

Also, these panels are a great choice for community solar projects that require a balance between efficiency and affordability.

Thin-film solar panels

Thin-film solar panels are well-suited to industrial or commercial buildings that have load-bearing concerns. They are lightweight and can be installed on buildings where weight might be an issue.  

These solar panels are also suitable for unconventional structures, for example, arenas or stadiums with curved roofs.  

Bifacial solar panels

Bifacial solar panels can generate electricity from both sides, which are ideal for carports and canopies where the surface is reflective. Equally, having a ground-mount system made up of bifacial solar panels in snowy or sandy areas is effective as both snow and sand are reflective.  

Solar panels vs service provider

So, does the type of solar panel you install for your business override the importance of the service provider you use? The short answer to this is no. We believe that the efficiency of the solar panels will heavily depend on the service provider, as it is unlikely that the solar energy technology will change much in the next decade.  

By choosing the right service provider to install your solar system, you can ensure that your solar panel efficiency is maintained to a high standard, saving you money in the long run.  

So, the next time you’re looking for the most efficient solar panel for your business, remember that it comes down to a lot more than that. We’ve mentioned that solar panel technology has been greatly improved over the past decade, which means that all solar panels operate using pretty much the same technology.  

Instead of looking for the most expensive solar panels, invest your money in a service provider like us at Sustain Solar Commercial who will take your business to new heights with our expertise and experience. We ensure that you have access to great service that ensures the efficiency of your solar panels and solar system.  

For more information on how we can help you with your next solar system, be sure to get in touch with us on 0333 880 0891. Our team of solar energy experts will point you in the right direction, ensuring you invest in a solar system that is reliable and provides a quick return on your investment.  

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