Global solar module prices largely stabilize with upward momentum
China: The Chinese Module Marker (CMM), the OPIS benchmark assessment for TOPCon 600 W modules from China, rose 1.19% to $0.085/W Free-On-Board (FOB) China, with price indications ranging from $0.082/W to $0.090/W. Meanwhile, FOB China Mono PERC module prices remained unchanged at $0.084/W, with prices ranging from $0.081 to $0.088/W.
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 have reflected price increases announced by manufacturers before 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 attribute this partly to a seasonal lull in module production since January, with operating rates reportedly around 40%, and partly to an installation rush in Chinese projects due to a recent announcement in power tariff rules, leading to tightened module supply.
For first-half 2025 loading, prices rose 1.19% to $0.085/W, with higher values between $0.082 and $0.090/W, while second-half 2025 loading prices remained steady at $0.085/W. Meanwhile, 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 on future module price trends remain divided. Some sources anticipate a continued price increase through the second half of 2025 into early 2026, driven by upstream supply cuts and weak module margins. Others, however, foresee a price decline after the May 31 deadline under the aforementioned China’s new power tariff policy, as announced by the National Development and Reform Commission (NDRC). Under this policy, new grid-connected solar projects will adopt market-based electricity pricing from June 1, potentially leading to a sudden drop in domestic module demand and lower prices in the second half of 2025.
Europe: DDP Europe TOPCon 600 W module prices rose 2.06% week-on-week to €0.099 ($0.102)/W, with price indications ranging from €0.095/W to €0.108/W for Tier-1 panels.
Meanwhile, EXW Rotterdam (Western Europe) TOPCon 450W module prices remained stable at an average of €0.104/W, with price indications between €0.095/W and €0.110/W for Tier-1 panels.
According to industry insiders, the increase in module prices from mid-February has been driven by genuine market support. Following China’s announcement of sweeping changes to its power tariff structure, market players rushed to deliver modules for domestic projects before the end of April. As a result, projects initially planned for the second half of 2025 are being frontloaded into Q2 2025, creating a perceived module shortage in China. This has limited export availability, providing support for DDP Europe prices.
Expectations of further price increases from March onwards have also emerged in the Central and Eastern European (CEE) markets, with sources anticipating that DDP TOPCon prices around €0.120/W in CEE could become the new normal.
United States: The spot price for TOPCon 600 W module DDP U.S. is down 2.87% this week at $0.271/W, while the spot price for Mono PERC 450 W modules EXW is stable at $0.307/W. On a forward-looking basis, OPIS is assessing the cost of TOPCon modules in the first quarter of 2026 at $0.282/W, and Mono PERC modules in the same period at $0.272/W.
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