Needless to say, nanotechnology is a field that i am watching very closely at the present moment. The breakthroughs coming forth are on par with the industrial revolution, and we are seeing a whole new world created before our eyes.
There is a new photovoltaic nanostructure that is being developed currently. Within 5 years they expect an efficiency rate of about 20%. This is getting close to the 30% seen with current solar panels. But the kicker is the cost. These materials are likely to be much cheaper, and much more durable than current solar cell technology.
http://www.technologyreview.com/Nanotech/20163/
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Researchers at McMaster University, in Ontario, say that they have grown light-absorbing nanowires made of high-performance photovoltaic materials on thin but highly durable carbon-nanotube fabric. They've also harvested similar nanowires from reusable substrates and embedded the tiny particles in flexible polyester film. Both approaches, they argue, could lead to solar cells that are both flexible and cheaper than today's photovoltaics.
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The material being used has historically been prohibitively expensive. However, with the advent of the ability to "grow" it in nanoscale formats, the material being used is in much smaller amounts:
