Right now, the best solar panels can reach a peak efficiency of about 15-20%. This is due to the fact that our current solar technology does not allow the panels to use all available wavelengths of light. For example, in a ray of sunlight, there are many different wavelengths. Many of these we can’t even see with our naked eye. The same goes for solar panels.

Sunrgi, an Israeli based solar panel company, has developed a concentrated solar cell that can multiply the wavelengths of light to produce much more solar power on a smaller system. While the company is keeping a tight hold on the technology that allows this advanced solar energy, they predict their new panels will produce a kWh for a mere 7 cents. For the average household, this equates to an electric bill of around $80 per month! This beats what most Americans pay now- well over $200 a month for electricity. Better yet, Sunrgi’s new panels convert a whopping 37% of sunlight to usable solar energy! This is more than double the industry standard. Sunrgi is expecting their first panels out by mid-2009.

The University at Tel Aviv is also making huge advancements in solar panel technology. Researchers there have scrapped the idea of using semiconductors within their solar cells. Instead, they have genetically engineered proteins using photosynthesis for production of electrical energy. Commercial production of such a technology is several years down the road, but these panels would cost 100x less than conventional silicone and could produce an efficiency around 25%. This makes these panels very attractive to poorer countries that want to go solar but cannot afford conventional silicone panels.

» Read more: The Emerging Technology of Solar Power