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Home » What are the Different Types of Solar Panels in 2023? (Efficiency, Cost, and Everything)

What are the Different Types of Solar Panels in 2023? (Efficiency, Cost, and Everything)

Solar panel efficiency dictates how well your solar panel will be able to generate electricity from sunlight. The energy conversion rate is a critical factor in deciding the type of solar panel you will be investing in for the long term. While there are 4 main types of solar panels, there are tons of solar brands that can easily confuse you. However, this article will be your guide to selecting the best solar panels in the market. We will be shedding light on efficiency, cost, and everything.

So, without further ado, let’s begin with understanding the 4 types of solar panels. 

Types of solar panel

4 Types of Solar Panels – A Brief Overview

There are plenty of solar panel brands and before you start analyzing the best one, it’s important to understand the key characteristics of a solar panel. 

I) Monocrystalline Solar Panels

Monocrystalline solar panels are renowned for their efficiency and sleek design. These panels are made from a single crystal structure, usually silicon, providing a higher level of purity. 

The uniformity in structure enhances their efficiency, making monocrystalline panels an ideal choice for spaces with limited roof area. While these panels tend to be more expensive, their superior performance often justifies the higher upfront cost.

II) Polycrystalline Solar Panels

Polycrystalline solar panels, on the other hand, are manufactured from multiple silicon crystals. Although slightly less efficient than monocrystalline panels, polycrystalline panels offer a cost-effective solution for those on a budget. 

Their blue-speckled appearance is a distinctive feature, and they generally occupy more space compared to their monocrystalline counterparts. Despite the lower efficiency, advancements in technology have narrowed the performance gap between these two types.

III) Thin-Film Solar Panels

Thin-film solar panels are characterized by their flexibility and lightness. These panels are made by depositing one or more thin layers of photovoltaic material onto a substrate. 

While thin-film panels are less efficient than crystalline silicon ones, they excel in versatility. Their flexibility allows for installation on curved surfaces, and they are often used in applications like solar shingles and portable solar chargers.

IV) Hybrid Solar Panels

Hybrid solar panels combine the best of both worlds – the efficiency of crystalline silicon and the versatility of thin-film technology. By integrating different materials and technologies, hybrid panels aim to optimize energy production under various conditions. 

This type of solar panel is gaining popularity for its ability to generate electricity in low-light conditions, making it a resilient choice in regions with unpredictable weather patterns.

Moving on, let’s check how you can calculate the efficiency rate of solar panels to make an informed decision. 

How to Calculate the Efficiency of solar panels: A Step-by-Step Guide

Step 1: Gather Information

Start by collecting essential data, including the solar panel’s wattage (Pmax or maximum power output), classification of solar cells, and its surface area (A).

Step 2: Determine the Solar Irradiance:

Solar irradiance is the power per unit area received from the Sun in the form of electromagnetic radiation. Standard conditions for solar irradiance are defined, typically around 1,000 watts per square meter (W/m²) under full sunlight.

Step 3: Calculate the Power Output:

Use the formula: Power Output (Pout) = Solar Irradiance × Panel Efficiency × Panel Area.

Pout = Solar Irradiance × (Panel Efficiency/100) × Panel Area.

Step 4: Find Panel Efficiency:

Rearrange the formula to solve for efficiency: Efficiency (%) = (Power Output ÷ Solar Irradiance × Panel Area) × 100.

Step 5: Example Calculation:

Suppose a solar panel has a maximum power output of 300 watts, and its surface area is 2 square meters. If the solar irradiance is 1,000 W/m², the efficiency calculation would be:

Efficiency = (300 W ÷ (1,000 W/m² × 2 m²)) × 100 = 15%.

Step 6: Consider External Factors:

Note that efficiency can be influenced by external factors such as temperature, shading, and the angle of sunlight. Manufacturers often provide a temperature coefficient to adjust for performance variations with temperature changes.

Step 7: Compare and Evaluate:

Compare the calculated efficiency with the manufacturer’s stated efficiency to ensure accurate performance expectations. Higher efficiency typically means better overall performance but may come with a higher initial cost.

Next, let’s explore the 7 best brands for solar panels in India. 

Types of Solar Panels: Navigating the Landscape of Brands

Now, let’s explore seven leading solar panel brands that have established themselves as pioneers in the industry. Our analysis considers factors such as efficiency, cost, durability, and overall performance.

1. SunPower

SunPower is synonymous with high-efficiency solar panels. Their monocrystalline panels boast some of the industry’s highest conversion rates, making them a favorite among residential and commercial users. While their panels come at a premium, the superior performance and longevity often outweigh the initial investment.

2. LG Solar

LG Solar is renowned for its commitment to innovation and quality. Their solar panels are equipped with advanced technology, including the Cello technology that enhances power output and reliability. LG Solar panels are known for their sleek design and high efficiency, making them an attractive option for those seeking top-tier performance.

3. Panasonic

Panasonic is a giant in the electronics industry, and its solar panels reflect the company’s dedication to cutting-edge technology. Panasonic’s HIT (Heterojunction with Intrinsic Thin layer) solar panels combine monocrystalline and thin-film technologies, delivering impressive efficiency and reliability. While they may be on the higher end in terms of cost, the quality and performance justify the investment.

4. Canadian Solar

Canadian Solar is a global player that provides a range of solar solutions. Known for its polycrystalline and monocrystalline panels, Canadian Solar offers a good balance between efficiency and cost. Their panels are widely used in utility-scale projects, and the company’s commitment to sustainability adds to their appeal.

5. JinkoSolar

JinkoSolar is one of the largest solar panel manufacturers globally, and they are recognized for producing high-quality and cost-effective panels. Their monocrystalline and polycrystalline panels cater to various needs, and the company’s commitment to research and development ensures that their technology remains competitive.

6. Trina Solar

Trina Solar is a well-established name in the solar industry, known for its diverse range of panels. Their monocrystalline and polycrystalline options offer a balance between efficiency and affordability. Trina Solar panels are often chosen for large-scale solar projects due to their reliable performance and cost-effectiveness.

7. REC Group

REC Group is a Norwegian solar company that emphasizes both efficiency and sustainability. Their monocrystalline panels are known for their sleek design and high energy yield. REC Group is committed to reducing the carbon footprint of their panels, making them a preferred choice for environmentally conscious consumers.

There are other prominent companies like Waree Solar Pumps that sell solar irrigation models. 

Now, let’s take a look at the frequently asked questions for different types of solar panels. 

FAQs – Types of Solar Panels

What types of solar panels are used on rooftops?

There are 3 main types of solar panels used on rooftops namely: Moncrystalline, thin-films, and Polycrystalline solar panels. There is another option – solar roofing shingles.  

Will the US double its solar installations by 2023?

According to recent estimates, the total solar panel capacity in the USA is expected to increase to over 24 GW which is double the solar capacity installed in 2022. 

What are the different types of monocrystalline solar panels?

There are 2 different types of monocrystalline solar panels – PERC( Passivated Emitter and Rear Contact) panels and bifacial panels and solar cells

What are the best residential solar panels in 2023?

There are many top-rated residential solar panel brands like SunPower, Canadian Solar, and LG. In addition to panels, these companies also sell different types of PV cells.  

What is the solar panel price trend in 2023?

According to recent estimates, the price range for solar panels has decreased to 10-11 cents/watt from 14-15 cents/watt. The overall decline in polysilicon prices and the increase in global supplies are leading to a reduction in prices. 

What is the government solar panel scheme 2023?

There are various government solar panel schemes in 2023. For example, the Solar Rooftop Subsidy Yojana was launched to promote the rapid adoption of solar energy in the countries. The central and state governments keep coming up with these schemes to provide solar power at subsidized rates. 

Should solar panels be in series or parallel?

This depends on your specific requirements. However, installing solar panels parallelly will help you draw out more energy from sunlight.  

What are the two types of solar panel technology?

The 2 main types of solar panel technology include solar photovoltaic cells and concentrating solar thermal power. 

What are the trends in the solar sector in 2023?

The key trends in the solar industry in 2023 include a reduction in solar component prices, rapid adoption of solar power, and technical advancements in grid integration. 


In 2023, the landscape of solar panels is rich and diverse, offering solutions for every need and budget. Understanding the types of solar panels, their characteristics, and the leading brands in the market empowers consumers to make informed decisions. 
If you are interested in solar power technology, look no further than Sustvest for a seamless transition towards a more sustainable and renewable energy future.