The correct statement about the process is:
Energy from the sun might be greater than the energy needs of the house, so some energy will be stored and/or wasted.
Solar panels can sometimes produce more electricity than a house needs at certain times, especially during peak sunlight hours. When this happens, the excess energy can be stored in batteries for later use or fed back into the grid (where it might be "wasted" if not utilized). The other statements are incorrect because energy is not destroyed in this process, and solar cells do not inherently "make up" for a shortfall of energy based on their efficiency limits.