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The manufacturing process for polycrystalline silicon solar cells is similar to that for single-crystalline silicon solar cells, but their photoelectric conversion efficiency is significantly lower, at around 12%. (On July 1, 2004, Sharp Corporation of Japan launched the world's highest-efficiency polycrystalline silicon solar cell, with an efficiency of 14.8%.) Polycrystalline silicon solar cells are cheaper to manufacture than single-crystalline silicon solar cells, due to their simplified material manufacturing, energy savings, and overall low production costs. Consequently, they have seen significant development. Furthermore, polycrystalline silicon solar cells have a shorter lifespan than single-crystalline silicon solar cells. In terms of performance-price ratio, single-crystalline silicon solar cells offer a slightly better performance.