How powerful is the solar panel in terms of electricity generation?

I am wondering if the use of solar panel as energy generators can overtake or become more handy than our conventional power supply which is reliant on crude oil. With recent rises in crude oil or follow on increase in both gas & electricity bill, I think the big economies should be thinking of an alternative solution or else the oil producing nations and/or the oil cartels will undermine the developed world - the west. Remember, in any recession natural resources speaks.