Global solar module prices stabilize with upward momentum

In a recent update from OPIS, a Dow Jones company, we explore the latest price trends in the global photovoltaic (PV) industry as of February 28, 2025.

China: The Chinese Module Marker (CMM), which serves as the OPIS benchmark for TOPCon 600 W modules from China, experienced a 1.19% increase, reaching $0.085/W Free-On-Board (FOB) China. Price ranges were reported between $0.082/W and $0.090/W. In contrast, the FOB China Mono PERC module prices remained steady at $0.084/W, with indications from $0.081 to $0.088/W. The FOB China TOPCon 450 W modules for spot loading were assessed stable at $0.092/W, with price indications between $0.086/W and $0.100/W. Over the past week, transactions reflected price increases announced by manufacturers ahead of the Lunar New Year holiday, with prices climbing into the high $0.080s/W, recovering from the previous week’s all-time low of $0.084/W. Trade sources suggest that this uptick is partially due to a seasonal slowdown in module production since January, with operating rates reported at approximately 40%, along with a rush in installations of Chinese projects triggered by new power tariff regulations, which have tightened module supply.

For the first half of 2025, prices rose 1.19% to $0.085/W, with higher values between $0.082 and $0.090/W. Prices for the second half of 2025 remained steady at $0.085/W. Notably, first-quarter 2026 prices climbed 3.61% to $0.086/W, with higher price quotes ranging from $0.083 to $0.090/W. Market expectations for future module price trends are mixed. While some sources predict continued price increases into the latter half of 2025 and early 2026 due to upstream supply cuts and weak module margins, others anticipate a decline after the May 31 deadline under the new power tariff policy, which could lead to a drop in domestic module demand and lower prices in the second half of 2025.

Europe: In Europe, DDP prices for TOPCon 600 W modules rose 2.06% week-on-week, reaching €0.099 ($0.102)/W, with indications from €0.095/W to €0.108/W for Tier-1 panels. Meanwhile, EXW Rotterdam (Western Europe) TOPCon 450 W module prices remained stable at an average of €0.104/W, with indications between €0.095/W and €0.110/W for Tier-1 panels. Industry insiders attribute the increase in module prices since mid-February to genuine market demand. Following announcements of significant changes to China’s power tariff structure, market players rushed to deliver modules for domestic projects before the end of April, resulting in the acceleration of projects initially scheduled for the latter half of 2025 into Q2 2025. This has created a perceived module shortage in China, limiting export availability and supporting DDP Europe prices. Expectations of further price increases from March onward have surfaced in the Central and Eastern European (CEE) markets, with sources suggesting that DDP TOPCon prices around €0.120/W in CEE could become the new standard.

United States: In the U.S., the spot price for TOPCon 600 W modules DDP decreased by 2.87% this week, now at $0.271/W, while the spot price for Mono PERC 450 W modules EXW remained stable at $0.307/W. Looking ahead, OPIS estimates the cost of TOPCon modules in the first quarter of 2026 at $0.282/W, with Mono PERC modules projected at $0.272/W. Although manufacturers from Laos and Indonesia continue to offer the lowest-priced options for U.S. buyers, with quotes in the low to mid $0.20s/W range, insiders warn that new trade investigations may follow once import data justifies them. Reports indicate large inventories still remain in some U.S. warehouses, as many importers purchased modules before the new AD/CVD rates, anticipating a significant price increase for new shipments. However, as this expected rise has yet to occur, some sellers are eager to offload excess stock, with one distributor noting the availability of 545-550 W Mono PERC modules at $0.19/W.

OPIS, a Dow Jones company, provides comprehensive coverage on energy prices, news, data, and analysis across various sectors, including renewable fuels and environmental commodities. It acquired pricing data assets from Singapore Solar Exchange in 2022 and now publishes the OPIS APAC Solar Weekly Report. The views expressed in this article are those of the author and do not necessarily reflect the opinions of pv magazine. This content is protected by copyright and may not be reused without permission. For inquiries about content reuse, please contact: editors@pv-magazine.com.