Those new semiconductors may just revolutionize the solar power business

The demand for cheaper, greener electricity means that the energy landscape is changing faster than at any other point in history. This is particularly true of solar-powered electricity and battery storage. The cost of both has dropped at unprecedented rates over the past decade and energy-efficient technologies such as LED lighting have also expanded.

Access to cheap and ubiquitous solar power and storage will transform the way we produce and use power, allowing electrification of the transport sector. There is potential for new chemical-based economies in which we store renewable energy as fuels, and support new devices making up an “internet of things.”

But our current energy technologies won’t lead us to this future: we will soon hit efficiency and cost limits. The potential for future reductions in the cost of electricity from silicon solar, for example, is limited. The manufacture of each panel demands a fair amount of energy and factories are expensive to build. And although the cost of production can be squeezed a little further, the costs of a solar installation are now dominated by the extras – installation, wiring, electronics, and so on.

[Read: Why vehicle-to-grid charging could be the cheapest way to secure renewable energy]

Two workers with white gloves work on a solar panel.