An increase in domestic demand for modules in China, the world’s largest solar PV market, is causing an increase in prices. According to pvXchange, the price of panels across all power classes increased by an average of €0.5 ($0.54)/W in March 2025.
For mono- or bifacial heterojunction (HJT), n-type/TOPCon or xBC solar cell modules with more than 22.5% efficiency, the price in March 2025 increased by 4% month-on-month (MoM) and 4% since January 2025 to €0.13 ($0.14)/W.
Full black high-efficiency solar modules of up to 22.5% efficiency saw their price increase by 3.7% MoM and 7.7% since January 2025 to €0.14 ($0.15)/W.
According to pvXchange, prices for mainstream PV modules with up to 22.5% efficiency improved to €0.115 ($0.12)/W, representing an increase of 4.5% over February and 9.5% over January 2025.
Prices for low-cost modules did not see any change in March as these continued to cost an average of €0.07 ($0.076)/W, representing an increase of 7.7% since January 2025. This category includes stock lasts, factory seconds, insolvency goods, low-output modules, and products with limited or no warranty. The Managing Director of pvXchange, Martin Schachinger, says prices are going up in response to the demand going up in China due to the National Development and Reform Commission (NDRC) announcing changes to the country’s solar PV guidelines wherein self-consumption will be favored, while feed-in-tariffs will be lowered and market-based electricity prices introduced. These guidelines take effect from June 1, 2025 (see World’s Biggest Solar Market Moving Towards CfD Mechanism).
These factors are likely to create an installation rush before the deadline of June, leading to a shortage of solar modules in the market, both with wholesalers as well as various online trading platforms. The shortage is more prominent in the higher power classes, and also in the rooftop solar segment.
“New deliveries from manufacturers are being delayed, so their customers are increasingly having to look for and serve themselves on the spot market. Certain products are still available from stock here - but the price will quickly adjust upwards as demand increases,” added Schachinger.
In comparison, there isn’t as much movement in inverter and energy storage system prices, thanks to the increasing competition in this space.
Nevertheless, price changes in the individual solar components, like solar modules won’t significantly impact the overall cost of installing a complete PV system, adds pvXchange.
The recent pricing forecast of TrendForce also sees an installation rush in Q2 2025, pushing up prices across the solar value chain. Analysts expect spot prices for solar modules to peak at CNY 0.73 ($0.10)/W and averaging around CNY 0.70 ($0.096)/W. Once the rush is over, prices may go down to CNY 0.70/W or even lower (see China’s FIT Policy End To Push Up Prices Across PV Value Chain).
According to the latest weekly edition of TaiyangNews PV Price Index 2025, the initial 13 weeks of the calendar year 2025 have been positive for the TaiyangNews PV Price Index, with 13 of the 23 tracked products having registered price increases (see TaiyangNews PV Price Index—2025—CW13).
