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Researchers have developed a new type of solar cells that is based on a perovskite materials, yielding remarkable efficiency of 17 percent after a mere two years of research. 

Present commercial silicon-based solar cells operate about 20 percent efficiency and has taken over 20 years to achieve it. 

Researches sandwiched a thin layer of the lead halide perovskite between two mirrors and produced an optically driven laser. These outcomes proved that the cells showed very efficient luminescence re-emitting up to 70 percent of absorbed light. 

"This first demonstration of lasing in these cheap solution-processed semiconductors opens up a range of new applications," said lead author Dr Felix Deschler of the Cavendish Laboratory in the press release. "Our findings demonstrate potential uses for this material in telecommunications and for light emitting devices."

"We were surprised to find such high luminescence efficiency in such easily prepared materials. This has great implications for improvements in solar cell efficiency," said Michael Price, co-author from the group in Cambridge.

Theoretically if a material is good at converting light to electricity, it should be good at converting electricity to light. 

They also found that upon light absorption in the perovskite two charges are formed within 1 picosecond but also take nearly a few microseconds to recombine.

"This luminescent behavior is an excellent test for solar cell performance - poorer luminescence (as in amorphous silicon solar cells) reduces both the quantum efficiency (current collected) and also the cell voltage," added Professor Henry Snaith who led the team.

The findings have been recently published online in the Journal of Physical Chemistry Letters.