Solar power panels that use nanotechnology, which can create circuits out of individual silicon molecules, may cost half as much as traditional photovoltaic cells, according to executives and investors involved in developing the products. Nanosolar has secured more than $100 million from investors to build a factory for nanotechnology thin-film solar panels. The company's plant has a planned production capacity of 430 megawatts peak power of solar cells per year. Commercial production started and first panels have been shipped[50] to customers in late 2007.[51]
The Sun is the ‘powerhouse’ of our Earth, producing an impressive 3.8x1026joules (J) of heat energy per second without interruption. The Sun radiates in all directions with approximately 50% of the incoming solar radiation reaching the Earth. This is called the greenhouse effect. Approximately 30% of the incoming solar radiation is reflected back into space by our atmosphere. This is called the albedo effect.
In an electricity system without grid energy storage, generation from stored fuels (coal, biomass, natural gas, nuclear) must be go up and down in reaction to the rise and fall of solar electricity (see load following power plant). While hydroelectric and natural gas plants can quickly follow solar being intermittent due to the weather, coal, biomass and nuclear plants usually take considerable time to respond to load and can only be scheduled to follow the predictable variation. Depending on local circumstances, beyond about 20–40% of total generation, grid-connected intermittent sources like solar tend to require investment in some combination of grid interconnections, energy storage or demand side management. Integrating large amounts of solar power with existing generation equipment has caused issues in some cases. For example, in Germany, California and Hawaii, electricity prices have been known to go negative when solar is generating a lot of power, displacing existing baseload generation contracts.[107][108]
The market for renewable energy technologies has continued to grow. Climate change concerns and increasing in green jobs, coupled with high oil prices, peak oil, oil wars, oil spills, promotion of electric vehicles and renewable electricity, nuclear disasters and increasing government support, are driving increasing renewable energy legislation, incentives and commercialization.[10] New government spending, regulation and policies helped the industry weather the 2009 economic crisis better than many other sectors.[24][197]
Solar power is the conversion of energy from sunlight into electricity, either directly using photovoltaics (PV), indirectly using concentrated solar power, or a combination. Concentrated solar power systems use lenses or mirrors and tracking systems to focus a large area of sunlight into a small beam. Photovoltaic cells convert light into an electric current using the photovoltaic effect.[1]