Solar Panels
According to Wikipedia, "Solar panel" describes two types of devices that collect energy from the sun:
1. Solar photovoltaic modules use solar cells to convert light from the sun into electricity.

2. Solar thermal collectors use the sun's energy to heat water or another fluid such as oil or antifreeze.

Solar panels convert selected wavelengths of sunlight to electricity to power up your home. Solar power has been used to power up homes for decades with many new advancements being made today to make solar panels more attractive and affordable.

Your home remains on the electrical grid when you have solar panels. This way you can supplement your home with traditional electricity on days that are overcast or cloudy and your solar panels don't generate enough electricity. On the sunny days you overproduce solar electricity, you actually put electricity back on the grid and earn a credit on your utility bill. Some people wind up making money from the utility company.
Batteries
Deep cycle batteries, like the ones used in cars, boats or RV's are commonly used for residential solar systems. The bank of batteries stores the energy from the solar panels for later use.
Batter Regulator
These control the amount of power transferred from the solar panels to the battery and helps to keep the batteries from over charging. It limits the rate of electric current to and from the battery and may prevent overvoltage which can reduce the lifespan and performance of the battery.
Inverter
The energy from your solar panels is stored in the batteries as direct current (DC). It must be converted to alternating current (AC) in order to be used for household appliances.