Research into plasmonics, a type of nanotechnology, promises to improve the efficiency of solar cells:

metallic nanostructures absorb and intensify light at wavelengths due to the incoming light, creating “plasmonics,” a collective oscillation of the electrons at the metal’s surface … According to the researchers, metallic nanostructures in solar cells can boost the absorption of light into the cell’s photoactive material.

Improved efficiency for solar cells makes solar power more cost competitive with older, dirtier sources of power, such as oil and coal.

With enhanced light absorption, it is possible to produce cells with less base material, thus yielding thinner and cheaper cells. Metal nanostructures can improve the absorption in various types of cells, including crystalline-silicon cells, those employing high-performance semiconductors, and organic and dye-sensitized solar cells.