Photovoltaic cells are currently less costly compared to other forms used to generate energy. Solar cells generate electricity from utilizing solar energy, which generate electricity in a quite, renewable and clean manner. Photovoltaic cells are cheap to install and to manage. Photovoltaic technology itself has become competitive as compared to other convectional electricity and other renewable sources of energy. Researchers in the field of solar energy have discovered that under ideal conditions, the energy is obtained from solar upon heating of the convectional photovoltaic cells. Theoretically, its total limit is approximately 34 %. This means that the total amount of energy converted into useful energy is 34%.
During the 50-years period, scientists have been struggled on the efficiency and the cost of photovoltaic’s cells, and they have found that the problem is not on the aspect of efficiency but on the cost. Photovoltaic cells with single-junction solar cell that is multi-layered and absorb many frequencies at a given time are capable of attaining more efficiency thus reducing the cost of production. The modern photovoltaic cells function effectively by manufacturing cells that shed light increasing the voltage produced by the solar cell thus making it less costly because of the efficiency factor.
Photovoltaic cells generate electricity when the solar photons from the sun energy heat the semi-conducting material placed inside a battery. The resultant photon energy forces the free electrons out of the semiconducting material, permitting them to move freely. In the process of flow of electrons, fluorescence can occur. Currently, photovoltaic cells are becoming more cost-effective source of energy in the society and the emerging sectors of the economy.
Photovoltaic technology aspect of cost classically range from 60-72p/kWh, and based on the market value, this cost is cheaper as compared to other forms of electricity since its price is anticipated to reduce to 10-16p/kWh. Photovoltaic market study has proved that the total contribution of this development will be approximately 14-26 GW by 2015. These are supported by the following objectives:
- Helioenergetics is not wasted during energy production.
- The energy of electromagnetic radiation from the solar energy is available to every individual, unlike other convectional energy.
- The design structure of the photovoltaic cell makes it probable to attain power plants of almost all sizes and capacity, dictated by the requirements.
- The cost of power generated by photovoltaic cells system indicates a clear decrease in development. It was seen that during the last part of the 80s of the last century, the era of industrialization, photovoltaic cells produced electricity at a cost of $2 per Kw*h, but currently, the amount has decreased to approximately $ 0.3. This allows to notice the trend in price reduction of electricity production for photovoltaic cells systems of the big industrial requirements, and the decrease for the household solar plants. This consequently will reduce the cost of production thus making the photovoltaic cells cheap.
Photovoltaic cells have continued to be the better alternative cost-effective means of producing electricity. Solar panels in general are still the best source of energy as compared to other source of renewable sources of energy. The only challenge facing the massive adoption of the solar cells still remains in the cost of energy obtained. One way of solving this problem is in laying strategies that will reduce the cost of “solar” energy by boosting on the efficiency of the photovoltaic cells.