Monocrystalline solar panels are the best type of solar panel in terms of efficiency. Their ability to capture sunlight is higher than both polycrystalline panels and thin-film solar panels. This is also why they are more expensive than other solar panel materials. Compared to the process for polycrystalline panels, the structure of the silicon is aligned better in mono panels. As a result, they have higher sunlight absorption rates.
Monocrystalline panels are made from pure refined silicon in a pulling process. They can also be produced as “passivated emitter and rear contact” (PERC) panels which gives them the ability to reflect back unabsorbed sunlight through a back cell. This gives them a higher efficiency rate than traditional monocrystalline cells.
However, just because they are better in terms of efficiency doesn’t mean they are right for your setup. The other types have their own advantages and uses.