Breakthrough: IBM Makes a Solar Cell Out of "Earth Abundant" Materials
treehugger.com
treehugger.com
Current solar cells have approximately 20 percent efficiency. Unless this solar cell is extremely cheap, I think this is a long way from practicality.
http://upload.wikimedia.org/wikipedia/commons/a/a4/PVeff%28r... - graph of best research cell efficiencies
EDIT: "The researchers estimate that if the technology can be taken beyond its basic state right now and achieve 12 percent efficiency, it could be an economically viable alternative to current products." - from CNET news http://news.cnet.com/8301-11128_3-10451641-54.html
My roof has finite surface area. If the efficiency is too low, even zero cost isn't competitive.
That's true even of commercial facilities. Various enviro groups are already trying to kill solar farms.
Somewhere in here, wire and other infrastructure (such as the frame) costs matter too.
For many individuals, who just have roof-space (for instance), space is really at a premium, and increased output means more money saved / made per time period, so it can pay for itself and more over time. Power companies could go either way, as they need a LOT of space. Doubling the area they need may not sound too good to them, as land costs money every year in taxes. If land is cheap enough though, cost per watt likely wins out.
Solar cells have different metrics, like cost/square meter
Not the vast majority of commercial ones (closer to 10-15% range, afaik - the ones that get around 20% (for non-concentrating) are in the lab or on satellites), and certainly not the cheaper thin film (GICS) kind with which this will compete.
But on the other hand, not needing enormous quantities of rare earths means that human expansion into space no longer gets a kickstart from attempts to mine the asteroid belt... :)
Also I agree with @machrider its all about the cost per watt. Thats what is going to make it popular or not.
Trees (plants in general) already do photosynthesis really well, so why can't we genetically engineer a tree that produces electricity?
Or grow switchgrass and burn it instead of coal. Or burn corn. And ignore the stupid ethanol thing.
As I understand it, that's not exactly true; photosynthetic compounds are very efficient at harvesting light, but the chemical conversion to energy-carrying compunds is rather inefficient, I believe on the order of 1%. That said, those compounds are probably more valuable per joule than electricity since there is no storage problem, so it's hard to compare the two.
The reason we can't simply genetically engineer an organism that converts sunlight into electricity (or fuels) is that at the moment, neither the photon harvesting process nor the chemical conversion process are well enough understood to try to replicate.