Solar3D has commented that use of its solar cell could have delivered more than $6.2 billion of electricity in the world last year. "Innovation can make an enormous difference in the real world," said Jim Nelson, CEO of Solar3D.

"For example, had our 3-dimensional solar cell been substituted across the installed photovoltaic base of 67,400 megawatts in the world, we could have generated more than $6.2 billion of additional electricity. This is the effect of increased conversion efficiency and wide-angle sunlight collection."

The company's analysis indicates that a typical 17% efficient solar cell performs more like a 5% efficient cell when light is shining 20 degrees from the side, such as during the morning or evening hours. Due to an innovative wide-angle light collection feature, the company estimates that its Solar3D cell can maintain a high 25% efficiency for a longer period of time, over the course of a day and year.

This translates into 200% more power than conventional solar cells and a system payback period that is approximately half the time of the current solar technologies.

"Our goal is to lower the Total Cost of Ownership (TCO) of a solar power system by allowing it to capture more sunlight and produce more electricity, which will speed the adoption of solar energy," added Nelson.

"Even with 67,400 megawatts of installed PV today, we generate less than 1% of the total electricity in the world. This means there is an extraordinary market opportunity for Solar3D and a lot of money to be made in the solar industry."