Scientists at South Korea's Gwangju Institute of Science and Technology worked together with Nobel laureate Alan Heeger, professor of physics at the University of California-Santa Barbara, to create the new tandem solar cells under a South Korean-led project started in May 2006, Earthtimes.org reported.

Gwangju Institute of Science and Technology is a research institute located in Gwangju, South Korea.

Tandem solar cells, in which two solar cells with different absorption characteristics are linked, use a wider range of the solar spectrum.

The result of this new architecture was the record high power-conversion efficiency of 6 percent. The conversion is from light energy to electricity energy.

"This is the highest level achieved for a solar cell from plastic materials," Professor Lee Kwang-Hee said in a statement.

The milestone is the low-cost advantage. "It takes 2 U.S. dollars to generate 1 watt of electric power if you use silicon solar cells," said Lee. "Only 10 U.S. cents will be enough to generate 1 watt if you use this tandem polymer solar cell."

The use of cheap and easily available plastic material is key to cutting down the cost for its fabrication. Lee expects this technology to be on the market in about three to five years.