In practical terms, for two solar panels of the same physical size, if one has a 21% efficiency rating and the other has a 14% efficiency rating, the 21% efficient panel will produce 50% more kilowatt hours (kWh) of electricity under the same conditions as the 14% efficient panel. Thus, maximizing energy use and bill savings is heavily reliant on having top-tier solar panel efficiency.
Generally the efficiency of polycrystaline panel is around 14-16%,where as that of monocrystaline 20-22%.The efficiency of panels also dipends on the angle of inclination.if panel is inclined at latitude angle it perform better
There are at least two classes of solar panels: photovoltaic and thermal. The photovoltaic were handled by the former repliers.
The efficiency of thermal panels (for heating air or water) can be much higher than the common efficiency of PV panels. It depends on the absorption coefficient a, that is the capacity for transforming the energy of solar radiation into heat, and on a heat loss coefficient U, depending on the thermal insulation of the panel. The efficiency is then roughly a - U(Tp - Ta) where Tp is the average temperature of the panel and Ta the ambient temperature. Note that U may depend on the temperature difference.
So when Tp=Ta, the efficiency is a, which can be as high as 90%. Panels for cmmon solar hot water systems have an efficiency better than 50% for preparing hot water at 50°C with outdoor temperature at 0°C.
One more comment: A high efficiency is required only when the area available for solar panels is small. If you have enough area, you may have interest to select the panels that present the more energy per invested money.