HyperSolar's ultra-efficient solar panels could halve cost of installations

The solar industry has been helped by the government over the past few years, receiving generous subsidies that have offset the costs of solar installations. However, as those incentives expire, companies are working to improve business efficiency to ensure they succeed in the future.

HyperSolar is a solar company that specializes in improving the efficiency of solar panels as a way to reduce costs and spur home and business solar panel installations. The company recently succeeded in producing solar panels that are ultra-efficient and capable of increasing photovoltaic efficiency by up to 300 percent, Forbes reports.

The company specializes in a field of science called photonics; using a technique that is similar to how a microchip works, HyperSolar's thin magnifying film routes and separates specific light spectrums and delivers them exactly where they're needed to make an array of solar panel cells ultra-efficient. The technology could ultimately cut the costs of solar installations by over 50 percent as fewer solar modules are needed to produce the same amount of energy.

HyperSolar joins a growing number of companies researching ways to increase business efficiency; solar companies are looking to make solar power as inexpensive as traditional sources of energy like coal and oil and ultra-efficient solar panels can help lead the way, according to analysts.