Online solar product marketplace Search4Solar has seen an increase in solar panel costs in Europe for “the first time in months.”
Ten undisclosed manufacturers provided the platform with updated pricing w/o 27 January, which demonstrated that prices for TOPCon modules have increased by over 20%.
Prices for TOPCon modules are now around €0.10 per watt, in comparison to €0.07 in October 2024. Meanwhile, all-black panels are now €0.12 per watt.
Search4Solar believes that this increase is indicative of growing market demand for higher-efficiency panels, which is largely due to technological advances.
Game changers
The platform’s research shows that “newer technologies” such as n-type TOPCon or heterojunction (HJT) have increased in popularity. Meanwhile, passivated emitter rear cell (PERC) panels have remained affordable – between €0.077 and €0.08 per watt.
Manufacturers are leaning into the market demand for newer and more efficient panel types, meaning that PERC panels are on the way out. Once gone from the panel market, prices of alternatives may rise again.
A reduction in polysilicon production could also be contributing to the rise in solar panel prices – as manufacturers continue to scale back the output of this popular panel material and the supply chains adjust.
New year, new prices
The price increases will not exist in a vacuum, according to Search4Solar, as the platform is anticipating another Q1 jump in costs during February 2025.
Manufacturers are no longer willing to produce below cost, increasing market pressure” Bart Wansink, CEO of Search4Solar, explains.
Overall, Search4Solar acknowledges that oversupply is still an issue in the solar market, which means an amount of price stability may continue in some sectors – but the industry should stay aware of developments.
