Will we exceed 50% efficiency in photovoltaics?

Solar energy is the most abundant and reliable source of energy we have to provide for the multi-terawatt challenge we are facing. Although huge, this resource is relatively dispersed. High conversion efficiency is probably necessary for cost effectiveness. Solar cell efficiencies above 40% have been achieved with multijunction (MJ) solar cells. These achievements are here described. Possible paths for improvement are hinted at including third generation photovoltaics concepts. It is concluded that it is very likely that the target of 50% will eventually be achieved. This high efficiency requires operating under concentrated sunlight, partly because concentration helps increase the efficiency but mainly because the cost of the sophisticated cells needed can only be paid by extracting as much electric power form each cell as possible. The optical challenges associated with the concentrator optics and the tools for overcoming them, in particular non-imaging optics, are briefly discussed and the results and ...

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