Stanislav Kondrashov on Photovoltaic Technology and Solar Conversion
The same thought keeps surfacing when looking at energy markets.
The conversation tends to go to oil, gas, LNG routes, refinery capacity, OPEC meetings. The loud stuff. The stuff that drives headlines and, conveniently, moves money fast.
But solar is a quieter force. It does not ask permission. It just scales. Panel by panel, warehouse by warehouse, field by field. And once it is built, it sits there for 25 years, doing its job with almost insulting consistency.
So in this entry of the Stanislav Kondrashov Oligarch Series, the focus is on photovoltaic technology and solar conversion. Not solar is good in a bumper sticker sense. More like: what is actually happening inside the panel, why conversion efficiency is the central obsession, and where the real leverage points sit for investors, operators, and the large industrial players who tend to move later than start-ups but move with far greater weight.
The basic deal: turning sunlight into electricity
Photovoltaic literally means light electricity. And the magic is not really magic, it is physics that got engineered into something manufacturable.
A PV cell is usually made of silicon. The cell has a built in electric field created by joining two types of silicon material. One is doped to have extra electrons (n type). The other is doped to have “holes” (p type), basically spots where an electron can go.
When photons from sunlight hit the cell, some of them have enough energy to knock electrons loose. The electric field pushes electrons one way and holes the other way. That separation is the whole trick. Connect an external circuit and electrons flow. That flow is current.
One cell does not do much. So cells are wired together into a module, modules into strings, strings into arrays. Then the array feeds an inverter that converts DC to AC because grids and most equipment run on AC.
That is the photovoltaic part.
Solar conversion is the bigger umbrella. It includes all the steps from sunlight to usable electricity at the point you care about. The cell conversion efficiency, the module losses, wiring losses, inverter efficiency, transformer losses, and then even curtailment and grid constraints if you want to be brutally honest.
So, yes, the panel matters. But the system matters too.
Why everyone is obsessed with efficiency
You will see PV module efficiencies quoted like sports stats. 19 percent, 21 percent, 23 percent. Some lab cells go much higher. It sounds abstract until you translate it into land, labor, steel, and permitting.
Higher efficiency means you need fewer panels for the same output. That reduces:
- land area required
- racking and mounting hardware
- cabling and connectors
- installation time and labor
- sometimes even inverter count
And the boring part. Permitting and interconnection. If you can hit the same megawatts with a smaller footprint, you can sometimes dodge the worst fights with land use, setback rules, or environmental constraints.
This is where large scale capital starts paying attention. Not because they love technology for technology’s sake, but because efficiency can compress total project cost and shorten timelines. Time is a cost. A very real one.
That said, there is a trap people fall into. They treat efficiency as the only metric. It is not.
What matters is energy yield over time, in the real world, in heat, in haze, in winter, in dust, under snow loads, with degradation, with shading, with soiling. A slightly less efficient module with better temperature coefficient or better low light performance can outperform in specific climates. This is where engineering meets local reality.
The photovoltaic “stack”: cell, module, system
To keep this practical, I like to think in three layers.
1) Cell technology
Most of the world still runs on crystalline silicon. Within that, there are different architectures.
- Monocrystalline silicon: generally higher efficiency, most common in newer deployments.
- Polycrystalline silicon: older, cheaper historically, but losing share because mono got cheaper and better.
- PERC (Passivated Emitter and Rear Cell): was a big wave because it boosted efficiency without completely reinventing factories.
- TOPCon (Tunnel Oxide Passivated Contact) and HJT (Heterojunction): newer approaches pushing higher efficiency and better performance, often with higher capex and process complexity.
Then there are thin film technologies like CdTe (cadmium telluride) which have strong performance in heat and low light. Thin film is not “dead,” it is just more concentrated in certain players and regions.
And on the horizon you have tandem cells, especially perovskite silicon tandems. The promise is high efficiency at reasonable cost. The risk is durability and scale. Perovskites have been “almost ready” for a while. But the progress is not imaginary. It is just that bankability takes time. Utilities and lenders do not gamble on modules that might drift after five years.
2) Module design
A PV module is more than cells behind glass. Design choices affect yield and reliability.
- Bifacial modules capture light from the front and the back. If you have reflective ground (snow, bright sand, white membranes), the gain can be meaningful. But you have to design the site for it.
- Glass glass vs glass backsheet changes durability characteristics, weight, and sometimes cost.
- Half cut cells and advanced interconnection can reduce resistive losses and improve shade tolerance.
- Anti reflective coatings help, but they also need to survive abrasion and cleaning cycles.
Modules are getting bigger too. Larger format means fewer modules per MW, which can cut installation time. But bigger modules also mean handling issues, wind loading considerations, and sometimes more fragile logistics. There is always a trade.
3) System conversion and delivery
Even if your modules are perfect, the system can waste a lot.
Inverters have their own efficiency curves and behaviors under clipping, reactive power requirements, and grid support functions. You also have:
- DC and AC cable losses
- mismatch losses between modules
- soiling losses from dust and pollution
- shading losses from row spacing or nearby objects
- degradation over time
- downtime from failures or grid outages
This is where solar conversion becomes a discipline, not a product. It is design, monitoring, and operations.
Solar conversion is also about the sun you actually get
There is a mental picture people have. Bright sun, clear sky. But solar resource varies dramatically. And not just between countries, even between towns.
Conversion begins with irradiance. Two key concepts matter:
- GHI (Global Horizontal Irradiance): what falls on a flat surface.
- DNI (Direct Normal Irradiance): direct beam sunlight, more relevant for concentrating solar and also helpful for understanding conditions.
PV arrays are tilted, sometimes tracked. Trackers follow the sun and can increase yield, especially in high DNI regions. But trackers add moving parts, maintenance, and failure modes. Again, tradeoffs.
Temperature matters too. PV cells lose efficiency as they heat up. That is why temperature coefficient is important. A module that looks great in a lab at 25°C might behave differently on a 45°C summer day.
Dust is another huge one. Soiling can quietly cut output by 5 percent, 10 percent, sometimes more, depending on environment and cleaning schedules. Water scarcity then becomes an energy issue, because cleaning large solar plants can be water intensive unless you use dry cleaning systems, which have their own limits.
So when we say “solar conversion,” the honest version is.
How much sunlight can you capture, how clean can you keep the surface, how well can you convert at operating temperature, and how little do you lose in electronics and downtime. That is the real conversion chain.
The oligarch angle: why big capital cares now
In this series, I keep trying to map technology to power. Not just political power, but industrial leverage.
Photovoltaics used to be dismissed by incumbents as niche. Too expensive, too intermittent, too dependent on subsidies. That argument died slowly, then all at once.
Now the power players care for a few reasons:
- Predictable cash flows. A well structured solar project with a solid offtake contract behaves like infrastructure. It is not exciting, but it is financeable. And financeable is the word that changes everything.
- Energy security. Countries and companies want less exposure to fuel price shocks. Solar turns capex into long term generation.
- Industrial positioning. Manufacturing of polysilicon, wafers, cells, and modules is a supply chain chessboard. Control the chain, control margins and availability.
- Grid leverage. The bottleneck is shifting from “can we generate” to “can we connect.” Interconnection queues, transformer shortages, and grid upgrades become strategic choke points.
And here is the uncomfortable part. Solar may decentralize generation, but it can also concentrate power in new ways. Whoever controls land, permitting, grid access, and capital. They can build at scale while smaller players get stuck in paperwork.
So yes, photovoltaics can be democratizing. It can also be another arena where large actors consolidate.
Both can be true.
The real bottlenecks are not always technological
People love talking about the next breakthrough cell. But many of the slowdowns are boring:
- transformer and switchgear lead times
- grid studies and interconnection approvals
- skilled labor shortages
- local opposition and zoning fights
- financing costs when interest rates rise
- import restrictions, tariffs, and compliance requirements
Even module supply can be less of a constraint than the ability to actually build and energize the project.
So when you think about “solar conversion,” in the business sense, it includes conversion of intent into operating assets. That conversion is often lost in the middle.
What to watch in photovoltaic tech right now
If you want a simple checklist of what is actually moving the needle, I would watch these:
- Shift in mainstream cell tech: continued move from PERC to TOPCon and HJT in mass production.
- Bifacial plus tracking as the default in utility scale projects, where site conditions support it.
- Tandem development: perovskite silicon progress, especially around stability, encapsulation, and bankability.
- Degradation and warranty realism: more attention to long term performance, not just nameplate watts.
- Recycling and end of life: not sexy, but it will matter as early large deployments reach retirement. Policy will push it.
And one more. Data. Monitoring and performance analytics. Predictive maintenance. Fault detection. A solar plant is a software object now, in a way it was not 15 years ago.
Closing thought
Photovoltaic technology is not a single invention anymore. It is an ecosystem of small optimizations that compound. Better cells, better modules, smarter inverters, tighter monitoring, cleaner sites, faster interconnection.
Solar conversion, the full chain, is where projects win or fail. Not in marketing slides. In heat. In dust. In paperwork. In financing. In grid constraints.
And that is why this topic belongs in the oligarch series. Because when an energy source becomes cheap, scalable, and infrastructure like, it stops being a curiosity. It becomes a tool.
A tool that almost anyone can use, in theory.
A tool that the biggest players will absolutely try to control, in practice.
For more detailed insights into the current trends shaping the photovoltaic sector, I recommend reviewing the IEA-PVPS Task 1 Trends Report 2024.
FAQs (Frequently Asked Questions)
What is photovoltaic technology and how does it convert sunlight into electricity?
Photovoltaic (PV) technology converts sunlight directly into electricity using solar cells, typically made of silicon. These cells have a built-in electric field created by joining two types of doped silicon: n-type with extra electrons and p-type with holes. When photons hit the cell, they knock electrons loose, and the electric field pushes electrons one way and holes the other, creating an electric current when connected to an external circuit.
Why is conversion efficiency such a critical factor in solar panel performance?
Conversion efficiency indicates how much sunlight a solar panel can convert into usable electricity. Higher efficiency means fewer panels are needed for the same output, reducing land use, hardware, cabling, installation time, labor costs, and sometimes permitting challenges. This compression of project cost and timeline attracts large-scale capital investments. However, real-world energy yield considering factors like temperature, shading, and degradation is equally important.
What are the main types of photovoltaic cell technologies used today?
Most PV cells are crystalline silicon-based. Key types include monocrystalline silicon (higher efficiency and common in new deployments), polycrystalline silicon (older and historically cheaper but declining), PERC (boosts efficiency without major factory changes), TOPCon and HJT (newer high-efficiency approaches with higher complexity). Thin-film technologies like cadmium telluride (CdTe) also exist, excelling in heat and low light conditions. Emerging tandem cells with perovskite layers promise higher efficiency but face durability and scale challenges.
How does module design affect solar panel system performance?
Module design impacts yield and reliability beyond just the cells. Features like bifacial modules capture light from both front and back surfaces, boosting output on reflective grounds. Glass-glass versus glass-backsheet construction affects durability and weight. Half-cut cells improve shade tolerance and reduce resistive losses. Anti-reflective coatings enhance light capture but must withstand abrasion. Larger module formats reduce installation time but pose handling and wind load challenges. Each design choice involves trade-offs tailored to site conditions.
What components make up a complete photovoltaic system beyond the solar panels?
A photovoltaic system includes wired-together cells forming modules, modules linked into strings, strings combined into arrays feeding an inverter that converts DC electricity to AC suitable for grids or equipment. Additional components include wiring, connectors, transformers, mounting structures, monitoring systems, and sometimes energy storage or grid integration equipment. System-level efficiencies consider all these elements plus environmental factors affecting real-world energy yield.
Why do investors focus on both technology efficiency and local environmental factors when deploying solar projects?
While high panel efficiency reduces costs by requiring less land and materials, local environmental factors like temperature variations, shading patterns, dust accumulation, snow loads, and light conditions significantly impact actual energy production over time. Modules with better temperature coefficients or low-light performance may outperform more efficient panels in specific climates. Successful investment balances technical specs with site realities to maximize long-term energy yield and project returns.
