The multibillion-dollar program is being led by experts at Durham University and will focus on making thin-film light absorbing cells for solar panels from sustainable and affordable materials.

The four-year project is scheduled to begin in April and is being funded by the Engineering and Physical Sciences Research Council under the SUPERGEN initiative.

Eight U.K. universities, including Bangor, Bath, Cranfield, Edinburgh, Imperial College London, Northumbria and Southampton, are involved in the project.

The schools will work together with industrial partners to try and make solar energy more competitive and sustainable, particularly in light of the recent rise in fossil fuel prices.

At present, solar cells -- used to convert light energy into electricity -- are made from key components such as the rare and expensive metal indium, which costs approximately $660 per pound. To cut costs in solar cell production the research team will work to reduce the thickness of the cells.