Efficiencies
Depending on construction, photovoltaic panels can produce electricity from a range of frequencies of light, but usually cannot cover the entire solar range (specifically, ultraviolet, infrared and low or diffused light). Hence much of the incident sunlight energy is wasted by solar panels, and they can give far higher efficiencies if illuminated with monochromatic light. Therefore, another design concept is to split the light into different wavelength ranges and direct the beams onto different cells tuned to those ranges. This has been projected to be capable of raising efficiency by 50%.
Currently the best achieved sunlight conversion rate (solar panel efficiency) is around 20.1% in new commercial products typically lower than the efficiencies of their cells in isolation. The most efficient mass-produced solar panels have energy density values of up to 16.22 W/ft2 (175 W/m2).
Read more about this topic: Solar Panel