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.

Photovoltaics were initially solely used as a source of electricity for small and medium-sized applications, from the calculator powered by a single solar cell to remote homes powered by an off-grid rooftop PV system. Commercial concentrated solar power plants were first developed in the 1980s. The 392 MW Ivanpah installation is the largest concentrating solar power plant in the world, located in the Mojave Desert of California.