In the last 10 years, the efficiency of commercial monocrystalline wafer-based silicon modules increased from about 16% to values over 24%. Solar-cell efficiency is the portion of energy in the form of sunlight that can be converted via photovoltaics into electricity by the solar cell. The efficiency of the solar cells used in a photovoltaic system, in combination with latitude and climate, determines the annual energy output of the. Photovoltaics is a fast-growing market: The Compound Annual Growth Rate (CAGR) of cumulative PV installations was about 27% between the years 2014 and 2024. Learn how NLR can help your team with certified efficiency measurements., c-Si modules had a minimum sustainable price (MSP) of $0. 25/W in 2020, while III-V technology had an MSP of $77/W, keeping it in niche markets like space and terrestrial concentrator.