Oxford PV, a spin-off from the University of Oxford, says it’s achieved a new world record for solar panel efficiency.

The 60-cell residential-size solar panel has achieved a conversion efficiency – the percentage of solar energy shining on a panel converted into electricity – of 26.9%, surpassing the current best silicon panels of around 25% with a similar designated panel area.

The efficiency was independently measured and certified by Germany’s Fraunhofer CalLab.

Oxford PV’s secret sauce is perovskite-on-silicon tandem solar cells, which could theoretically hit over 43% efficiency, leaving traditional silicon solar cells with a theoretical limit of less than 30% in the dust.

The Yarnton, England-based solar technology developer produces its proprietary high-efficiency tandem solar cells at its Brandenburg an der Havel, Germany factory.

The company says it has a clear roadmap to take its solar panel technology beyond 30% efficiency. It plans to scale up its manufacturing of tandem solar cells to gigawatt volumes within the next few years.

David Ward, CEO of Oxford PV, said, “Oxford PV’s record-setting module represents a significant advancement for solar power generation. Homeowners along with commercial and utility customers will all benefit from upwards of 20% more power with the same footprint. Not only does this save installation costs, it also speeds up the decarbonization journey and can contribute to the global energy transition in a meaningful way.”

Read more: Germany set a new renewable power generation record in Q1

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