Abstract: The earth receives 2.9X1015 kW of energy every day in the form of electromagnetic radiation from the sun, which is about one hundred times the total energy consumption of the world in a year. Bell Telephone Laboratories produced a silicon solar cell in 1954 with an efficiency of 4% efficiency which later enhanced to achieve 11%. The cost of generation of one watt of solar power in 1977 was $77/watt which was later brought down to about 80 cents/watt. Recently a new substance called a perovskite used for solar cell preparation could cut the cost of a watt of solar generating capacity by three-quarters. The potential of this material that it could lead to solar panels that cost just 10 to 20 cents per watt has been presented.