SunPower Corporation (SPWR Quick QuoteSPWR - Free Report) announced that it has manufactured a new solar panel, the X-Series panel, with 24.1% efficiency, breaking its previous world record for panels using silicon cells.

The test for efficiency was conducted by the U.S. Department of Energy’s (“DoE”) National Renewable Energy Laboratory (“NREL”). Laboratory solar cells with a mean efficiency of 25% were used during the production of the X-Series modules. In Feb 2016, the NREL had confirmed the achievement of 22.8% efficiency by the same panel.

According to Keith Emery, an NREL scientist, SunPower’s X-Series panel was tested under standard test or reporting conditions. She said, “The module measured 11310.1 square centimeters (aperture area) and had a power of 272.5 watts. We recorded 24.1% efficiency, which is a new record for silicon module efficiency.”

Solar panel efficiency refers to the capacity of panels. Greater the efficiency, fewer the number of panels required. SunPower believes that its panels have the ability to convert 70% more energy in the same space compared to its competitors’ products that have efficiencies ranging between a meager 15–18%.

SunPower strives to provide high-performance solar products to its customers. The company utilizes sophisticated manufacturing techniques to improve solar cell efficiency, reduce wafer thickness, improve throughput, process yield and quality, and introduce new products that help customers to develop solar projects.

However, the company currently has a Zacks Rank #4 (Sell).

Stocks to Consider

Some better-ranked stocks in the solar space include ReneSola Ltd. (SOL Quick QuoteSOL - Free Report) , Yingli Green Energy Holding Co. Ltd. and 8point3 Energy Partners LP . While ReneSola and Yingli Green Energy sport a Zacks Rank #1 (Strong Buy), 8point3 Energy carries a Zacks Rank #2 (Buy).

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