Do solar photovoltaic energy benefits outweigh the costs?

This article appears in the Spring 2020 issue of Energy Futures, the magazine of the MIT Energy Initiative. Benefits of solar photovoltaic energy generation outweigh the costs, according to new research from the MIT Energy Initiative.

What is photovoltaic efficiency?

Photovoltaic (PV) efficiency refers to the ability of a photovoltaic device, such as a solar cell or solar panel, to convert sunlight into usable electrical energy. It is expressed as a percentage and represents the ratio of electrical power output to the amount of sunlight (solar energy) input.

What are the benefits of solar PV?

The perception of solar PV as a mature technology and auctions, which have become the preferred method for governments to select new solar capacity worldwide, 38 decrease the risk and the financial costs, which in turn reduces the cost of solar electricity. 36 Improvements in maintenance and lifetime will also lower the cost.

What are the trends in photovoltaic efficiency improvement?

Trends in photovoltaic (PV) efficiency improvement include incremental advances, the emergence of tandem solar cells stacking multiple materials for enhanced efficiency, the growing prominence of perovskite solar cells due to rapid efficiency gains, and the increasing popularity of bifacial solar panels capturing sunlight from both sides.

What are the benefits of solar farms & agrivoltaics?

Plus, solar farms can actually help to give intensively farmed land an opportunity to recover, while still providing income for the farming business. Agrivoltaics is an innovative approach that enables solar energy generation and agricultural practices. Growing crops underneath solar PV panels has proven to have many benefits.

Why do we need a quality infrastructure for solar PV?

It is vital to establish a well-functioning quality infrastructure to expand the distribution of solar PV technologies beyond borders and make it easier for new enterprises to enter solar PV value chains.