Homeowners will find their investments in solar energy paying off more quickly than ever in the coming years, with considerable help from researchers who are currently developing the next generation of highly efficient photovoltaic panels.

A new world record for solar cell efficiency was announced this week by SunPower Corp., which highlighted a new product with a 24.2 percent electricity conversion efficiency rate.

"SunPower's research and development and engineering teams have increased cell efficiency by a full four percentage points over the last five years while radically driving down manufacturing costs. We are extremely proud of their continued success," said Dr. Richard Swanson, founder of SunTech. The California-based solar company was established in 1985.

As photovoltaic panels become increasingly efficient, homeowners and utilities will need fewer of them to generate larger amounts of energy. Lower material costs have further benefited homeowners in the past couple of years.

The increasing efficiency of photovoltaic panels also raises the prospect of new technologies that will allow new products that allow people to re-charge their electronic products far from home, among other things.