Mono is more efficient. Efficiency is defined as the ratio of power output to power input, therefore if a panel has 10% efficiency, 1000 watts of sunlight energy is converted to 100 watts of power.
Monocrystalline solar panels are not only the most efficient (up to 20%) but also the smallest solar panels, and most expensive for these two reasons.
Polycrystalline panels work at around 12% efficiency. However improvements are being made and the panels are becoming smaller in size, closer to mono, as well as increasing in efficiency.
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