A Comprehensive Overview of Photovoltaic Technologies and Their Efficiency for Climate Neutrality

Abstract

Solar photovoltaic (PV) technology is a cornerstone of the global effort to transition towards cleaner and more sustainable energy systems. This paper explores the pivotal role of PV technology in reducing greenhouse gas emissions and combatting the pressing issue of climate change. At the heart of its efficacy lies the efficiency of PV materials, which dictates the extent to which sunlight is transformed into electricity. Over the last decade, substantial advancements in PV efficiency have propelled the widespread adoption of solar PV technology on a global scale. The efficiency of PV materials is a critical factor, determining how effectively sunlight is transformed into electricity. Enhanced efficiency, achieved through a decade of progress, has driven the global expansion of solar PV. Multi-junction photovoltaic materials have now exceeded 40% efficiency in lab tests. China leads the world in solar PV installations, boasting over 253 GW of installed capacity by the end of 2021. Other prominent countries in this sector are the United States, Japan, Germany, and India. Photovoltaic (PV) cell technologies are rapidly improving, with efficiencies reaching up to 30% and costs falling below $0.50/W, making PV a competitive source of energy in many countries around the world. Solar PV technology holds immense potential for creating a cleaner, reliable, scalable, and cost-effective electricity system. To expedite its deployment and foster a more sustainable energy future, continued investment in research and development along with supportive policies and market mechanisms is essential. This paper underscores the pivotal role of solar PV technology in the global energy transition and advocates for a concerted effort to unlock its full potential in achieving a more sustainable and resilient energy future.