Photovoltaic module prices in the third quarter

Prices for Chinese solar modules have reached record lows, according to the latest data from OPIS. The benchmark assessment for TOPCon modules from China has fallen to $0.100 per watt, a decline of $0.005 per watt compared to the previous week. Similarly, Mono PERC module prices have also dropped by $0.005 per watt, now standing at $0.090 per watt.

These market dynamics underscore the complexities facing solar module sellers as they navigate fluctuating demand and competitive pricing across global markets. In the U.S., Delivered Duty Paid (DDP) prices for TOPCon modules have recently climbed into the low-to-mid $0.30 per watt range, according to a buyer's observation.

Average EXW prices from distributors for residential solar panels are reported between €0.125/W and €0.100/W, depending on the volumes. US DDP: The spot price for TOPCon utility-scale modules DDP US rose this week from 0.71% to $0.284/W.

A top-five module maker told OPIS that 2025 loading prices have not meaningfully increased, even with higher upstream costs. Current offers from leading manufacturers of utility-scale projects are in the low-$0.080/W range. The FOB China TOPCon module price for the first-half 2025 loading was at $0.085/W, with values between $0.082-0.087/W.

Despite upstream price firmness, module prices remain under pressure as manufacturers continue lowering offer indications. A top-five module maker told OPIS that 2025 loading prices have not meaningfully increased, even with higher upstream costs. Current offers from leading manufacturers of utility-scale projects are in the low-$0.080/W range.

Module sellers describe the Brazilian market as particularly price-sensitive, with prices generally lower compared to other regions. For instance, TOPCon module prices destined for Brazil have dipped into the range of $0.08 to $0.09 per watt FOB China, with Tier 2-3 module sellers offering prices at the lower end of the spectrum.