Sunrgi, a venture backed US company has announced that it has developed a new solar energy system which it believes will soon make it possible to produce electricity at a wholesale cost of 5-cents per kWh (kilowatt hour). this price is competitive with the wholesale cost of producing electricity using fossil fuels and a fraction of the current cost of solar energy.

The technology, which concentrates solar energy using magnifying glass technology.

XCPV (Xtreme Concentrated Photovoltaics) concentrates the equivalent of more than 1,600 times the sun's energy onto the world's most efficient solar cells and will allow power companies, businesses, and residents to produce electricity from solar energy at a lower cost than ever before.

"Solar Power at 5 cents per kWh would be a world-changing breakthrough," said Craig Goodman, president, National Energy Marketers Association.

"It would make solar generation of electricity as affordable as generation from coal, natural gas or other non-renewable sources, without requiring a subsidy"

"In a little more than a year we were able to develop and successfully test XCPV," said Bob Block, a founder of Sunrgi. "We expect the Sunrgi system to become available for both on and off-grid power applications, worldwide, in twelve to fifteen months"

What differentiates Sunrgi's XCPV system from any other solar energy system includes: a propriety, integrated low profile technology for concentrating sunlight; a propriety technology and methodology for cooling solar cells; a low cost, modular system optimized for mass production; less land area or "roof top" requirements than typical solar energy systems; a technology roadmap for continuous improvement; low-cost field installation; and, a custom-designed system for easy operation and maintenance.

For more information go to http://www.sunrgi.com/