Researchers in Japan have announced a major advancement in solar technology that they say could make solar panels 1,000 times more powerful than existing models, according to Energies Media. 

The breakthrough came via the world's first titanium-selenium solar cells, which offer a number of potential advantages over the current standard. While the new panels are still in the experimental stage, they could represent a total game-changer not only for the solar industry but for energy production more broadly. 

The market for solar energy production has exploded in recent years, with governments, businesses, and households searching for cheaper, cleaner, renewable sources of electricity. Experts expect that dramatic growth will continue to accelerate over the next half-decade.   

"Low costs, faster permitting and broad social acceptance are set to continue to drive the accelerating adoption of solar PV [photovoltaics]," according to the International Energy Agency. "As a result, capacity is set to more than double between 2025 and 2030 compared with the 2019 to 2024 period."

Despite this rapid growth, existing solar-panel technology has much room for improvement. Primarily, today's solar panels do not take full advantage of the massive amounts of energy released by the sun. Additionally, the materials presently used in photovoltaic cells are susceptible to corrosion. 

The potential demonstrated by the experimental titanium-selenium cells has proven that solar technology is likely to improve by leaps and bounds in the coming years. 

Smart upgrades that slash energy bills 

While there remains room for improvement, even existing solar technology has the ability to significantly reduce electricity costs while providing additional benefits, such as cleaner air. 

• EnergySage can help you save up to $10,000 on installations by curating competitive bids from local installers
• Not ready to spend up front? Palmetto's $0-down LightReach solar leasing program can lower your utility rate by up to 20%
• TCD's Solar Explorer makes it easy to access exclusive offers from preferred partners

To push the benefits of home solar even further, many homeowners have paired their solar panels with electric appliances, such as energy-efficient HVAC heat pumps. To learn more about all-electric HVAC systems, including how they can help you slash your utility bills, check out TCD's HVAC Explorer.  

If you're looking for other ways to cut costs and improve your budget, Palmetto's easy-to-use Home app offers tips and incentives that can help you save up to an additional $5,000.

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