What they have here is potentially a more efficient solar cell.
The application of electrolysing hydrogen out of water is just a come-on to get our attention.
A more efficient solar cell would be fairly revolutionary in itself. As it stands right now, if you currently pay $.11 or more per kilowatt hour then solar is already cost competitive. That means that for most of us it's still cheaper and easier to rely on the electric company, but if they can bring the costs of the panels down and improve their efficiency enough solar power will become the cheapest way for most homeowners to get their electricity.
Actually there is a more efficient solar cell being developed utilising the photsynthesis model found in ... of all things spinach. It seems that our current crop of biochemists have discovered that the photosynthesis that occurs in the spinach leaf is the most efficient known.