The following passage is adapted from a contemporary article about renewable energy technology.

Solar photovoltaic technology has undergone remarkable advances in recent decades. In 1976, solar cells cost approximately $100 per watt of generating capacity; by 2020, this figure had plummeted to less than $0.30 per watt. This dramatic cost reduction has been driven primarily by manufacturing innovations, economies of scale, and improvements in cell efficiency.

Modern silicon solar cells achieve conversion efficiencies exceeding 26%, approaching the theoretical maximum of approximately 29% for single-junction silicon cells. Researchers are now exploring tandem cell designs that layer multiple semiconductor materials to capture different portions of the solar spectrum, potentially achieving efficiencies above 40%.

Despite these technological advances, solar energy still faces challenges related to intermittency and energy storage. Current lithium-ion battery systems remain expensive and have limited cycle lifetimes. However, emerging technologies such as solid-state batteries and flow batteries show promise for addressing these limitations.