Excellence in solar energy

13-09-2011 | Solar energy is a reliable and environmentally friendly energy source.  Solar panel production is an exciting industry full of innovative technology. First Solar recently achieved a new world record and is leading the way. 

First Solar is a premier provider of photovoltaic (PV) energy systems. The US-based company manufactures its solar modules using advanced semiconductor technology and is the largest manufacturer of so-called ‘thin-film solar modules’. These modules consist of a thin film of electricity generating material, sandwiched between two panes of glass. The technology uses less material, and thereby reduces the cost per MWh of energy production. Efficiency is lower than for the regular crystalline silicon panels, so thin film solar modules are a particularly economically viable option for generating power when large surfaces are available.

A world record

First Solar recently achieved a new world record for photovoltaic (PV) solar cell efficiency within the thin film solar technology. It managed to reach 17.3% efficiency with a test cell constructed using commercial-scale manufacturing equipment and materials, meaning 17.3% of solar energy is transferred into electric energy – a record that far surpasses the previous one of 16.7% set in 2001. This may seem to be slow progress but in terms of solar technology it is a big step.

‘This achievement is a direct result of our industry-leading investment in research and development and our commitment to continuous improvement,’ said Rob Gillette, CEO of First Solar. ‘First Solar's innovation in both module technology and balance of systems engineering continues to drive us closer to grid parity’. Grid parity is achieved when the price of alternative forms of energy is the same as the price of fossil-fuelled energy. 

Industry leader

It’s not just this recent world record that sets First Solar apart from its peers. In 2009 the company was the first to introduce a module that cost less than one dollar per watt ($1/Watt). At the same time it also managed to deliver a panel with the smallest carbon footprint of any PV technology on the market, plus it had the fastest energy payback time. Now with its latest efficiency record, the company has further strengthened its leadership position.

First Solar and the environment

The company has a well developed take-back and recycling programme, which is an integral part of its service. Anyone wishing to dispose of First Solar modules can request collection at any time, at no additional cost. The programme serves two purposes – firstly it maximises the recovery of valuable materials for use in new modules, and secondly it minimises the environmental impacts associated with PV system production.

A challenge that remains for First Solar is to find alternatives to using cadmium in its solar panels. The solar sector currently has an exemption to a new EU regulation that bans the use of cadmium from all electrical and electronic equipment. But the exemption status is not expected to last forever.

Sunny outlook

The demand for solar panels soared in 2010 with a growth rate of 141% compared to the previous year, and worldwide demand for solar energy is expected to continue to increase. Solar energy is an integral part of the mix of sustainable energy solutions to provide clean energy for a growing global society. By driving down the cost of solar energy and increasing efficiency, a viable and accessible alternative to traditional fossil fuel generation can be created.

First Solar is considered by Triodos Sustainability Research to be an innovative and pioneering company in the solar power industry and is included in the Triodos Sustainable Investment Universe.

Note: The issues explored in this article are relevant for sustainable investments on the stock market. Triodos Bank believes that our socially responsible investments are a powerful means of promoting our values and working for greater sustainability, while enabling us to offer a complete range of attractive investment options to customers who choose to invest on the stock market.