A new wave in solar technology

India topped the global charts in solar PV capacity via auctions, with a notable auction price of $34/MWh

- AJAY MATHUR SABA KALAM

ONCE VIEWED AS prohibitively expensive and technologically limited, solar energy now stands as one of the most affordable and efficient forms of energy generation worldwide. From a nascent 1.22 GW in 2000, the world's solar capacity has surged to an impressive 1,419 GW in 2023, charting a CAGR of about 36%. Today, solar capacity represents a staggering three-quarters of all renewable capacity additions worldwide. This remarkable growth is primarily due to relentless advancements in solar technology, cost reductions, efficient solar cells, and investors prioritizing investment in solar energy.

New age solar technologies: We are now seeing a leap in innovative solar technologies. Quantum dot solar cells have achieved a record-breaking efficiency of 18.1%, offering a promising approach to enhance solar energy capture and power atmospheric water harvesting technologies. Researchers are creating self-healing solar panels to extend the lifespan and reduce the maintenance of existing solar cell technologies. The solar sector is now also increasingly prioritizing recycling end-of-life panels and implementing circular economy practices to minimize environmental impact, with new processes recovering up to 96% of panel materials.