Striking another blow to the oil and gas industries, an American solar company has developed technology that can produce super-efficient solar power that’s cheaper than fossil fuels. Rayton Solar’s new solar panel manufacturing technology uses 50 to 100 times less silicon than other technologies, cutting out large amounts of the most costly component of solar panels. The company says its patent-pending process uses just four microns worth of silicon, leaving no waste – while boosting the efficiency of their panels to 24 percent. According to the company that’s 25 percent greater than the industry standard efficiency, which currently tops out at about 15 percent.

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Rayton claims their patent-pending solar PV modules can be manufactured in the United States at a cost of 60 percent less than the industry average, which is based on prices from places like China where the majority of solar panels are made.

Related: Cheap Solar PV Powers Substantial Global Renewable Energy Growth in 2013

The Los Angeles-based company currently has an Indiegogo campaign underway that’s seeking funding to help put the final touches on the technology so it can get UL certification and then be launched for sale to the general public. Launched on Dec. 16, the campaign has raised just over $1,000 of its $250,000 goal.

The development of solar PV technologies like this is one of the main factors behind an marked increase in global renewable energy production, which went up by 8.5 percent in 2013.

+ Rayton Solar

Images via Rayton Solar