For those wondering about the significance of this announcement: As several people have noted, what matters for solar PV isn't efficiency but cost per Watt . The maximum available energy is 1W/meter^2 at ground. Single-layer PV efficiency is on the order of about 40%. Mutliple-layer cells can reach a maximum of around 80%. Even with existing efficiencies, the land space necessary to dedicate to solar power for all el…
Regarding storage, I've read some interesting things about the potential of electric vehicles here. If every car were electric, that's a massive array of large efficient batteries connected to the grid. If utility companies charge varying amounts at different times, depending on supply, you could imagine a smart charger for your car whereby you buy electricity when it's cheap, store it in the battery, and sell it bac…
Given the variability of renewables supply, this is a good way to allow for surplus daytime supply (of solar) and possibly overnight supply of wind (though in many areas winds tend to peak during the afternoon/evening due to land heating effects).
The challenge though is that you're still ultimately limited by battery materials. Known lithium reserves would be exhausted within a century even with recycling (about 90% efficient) providing only a fraction of the world's population with a Tesla-sized battery. Other electrolytes, improved recycling, or sourcing lithium from much poorer sources (potentially seawater) might work around this, but it's still a constrained resource.