Very interesting and almost as efficient as PV and you get O2 as a by product. "Tiny (nano-sized) particles of haematite (crystalline iron oxide, or rust) have been shown to split water into hydrogen and oxygen in the presence of solar energy." BBC News - Rust promises hydrogen power boost
Probably cheaper to use human fat to convert to bio-diesel. Look at home much lipids are being produced here in the good old USofA.
Calling it rust isn't precisely correct. Hematite(for us Americans) is iron oxide in a crystalline structure. You won't get it from leaving a dirty shovel out in the rain.
The article says 15% of the energy is captured. That sounds excellent for a novel technology, but it is still about 1/2 that of PV. I wonder which wavelengths are captured. If it was complementary to PV it might be really exciting news. I wouldn't get too excited about the notion that it will be cheap. Sand is pretty cheap, too
The majority of PV is about 15% efficiency. The high efficiency PV are about 22%. The ones that get about 40%, probably cost 1000x as much, and are used in satellites. Mike