High US tariffs on Chinese solar cells means that Europe is becoming a more important export market for Chinese solar companies. The incoming Trump government might raise tariffs on Chinese goods even higher so the Chinese are now in a hurry to get goods into the US before Trump takes office. After that, focus will be on the EU.

There are reports that solar panels are being sold for under €0.06/W in the EU. Short-term good for the consumer, perhaps? Maybe, but not necessarily. With solar panels + inverters for under €0.1/W, further reductions will not lead to much lower prices for the end consumer. The bottom has probably been reached.

Asian price dumping disaster for the European cell manufacturing industry

Long-term this is bad for the environment since silicon solar panels transported across half the world are not nearly as environmentally friendly as locally solar cells produced with green energy.

Also see: Chinese government tackles solar panel tax break, is the end of the price drops in sight?

For the European solar cell manufacturing industry the Asian price dumping is a disaster. There is a lot of solar cell manufacturing capacity being built in the USA, shielded by the tariffs. But the lack of European tariffs means that the EU is basically in a process of closing down its own solar cell manufacturing. India recently announced that it is banning import of solar panels from China, to protect its own industry. It is a crucial economic and geopolitical decision. The EU is doing… nothing.

A bright future for battery storage

More renewable energy in the electricity system provides an incredibly bright future for small, medium and large-scale battery storage. The market is growing at record speed and government subsidies enhance this development. The benefits are many: A more stable electricity system, good preparedness for power cuts and reduced costs for the individual and society. The trend is clear; local and central storage of energy is on the rise.

Also see: Expert analysis How to approach battery energy storage systems in Europe

The cost of the electricity grid will be controlled by instantaneous power and not consumed energy. Capacity tariffs are being introduced in an increasing number of markets which will change consumer patterns. With the cost of electricity being controlled by e.g. how much power you take from the grid rather than merely kWh consumed, the system will favour the use of electricity at night when households and industry consume less electricity. But it will also, naturally, favour households and businesses producing their own electricity with no or less need to buy electricity from the grid.

This is basically a good thing as I would rather see capacity tariffs than the weird variable charge per kWh used. Wires are not worn out by electricity passing through them, so a variable electricity grid fee is much less suitable and logical than a capacity tariff. The “fixed” electricity cost should only consist of capacity tariffs.

 Boom for rooftop solar energy

An electricity grid with very intermittent electricity production (wind, solar) will benefit solar cell installations on roofs instead of large solar parks. Electricity production “behind the electricity meter” on your own roof is much more profitable than feeding electricity into the main grid from a solar farm. On a factory roof, electricity consumption in the factory decreases and makes the network more stable.

See also: PV Index – Resilient market and year-end pricing dynamics in December

This together with the EU’s new directive that new buildings in public environments and subsequently all new buildings must be equipped with solar cells, create perfect conditions for a solar rooftop boom which will increase the proportion of solar panels on roofs in relation to large solar parks across the EU.

This is also an area where specialized European solar cells manufacturers can compete with Chinese producers of silicon solar panels. The latter are cheap and quite simple products. But they (and their racks) are heavy, too heavy for most roofs. So European manufacturers of more sophisticated products like thin film solar cells that are suitable for roofs and maybe even vehicles and various devices can find a large and profitable niche here. (Sven Lindström/hcn)

More about the author: Sven Lindström, co-founder and Executive Vice President of Midsummer, has over 20 years of experience from international business and development of high-tech production equipment, including advanced solar energy solutions.





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The PV Purchasing Managers’ Index (PMI) continues to be a vital tool for gauging market sentiment and demand patterns in the European solar sector. This indicator, based on purchasing intentions gathered from a sample of nearly 600 users out of more than 20,000 registered on the sun.store platform, offers a comprehensive view of the industry’s current state and anticipated trajectory. By capturing input from a diverse range of participants—including installers, distributors, and other stakeholders—the PV PMI provides detailed insights into evolving purchasing behaviors across Europe.

Market sentiment: adjusting to seasonal trends

The PV PMI for December registered at 67, reflecting a slight decline from November’s 68. While the drop may appear minor, it highlights the seasonal adjustments that often characterize the solar industry during the year-end period. Factors such as holiday schedules, slowed installation activity due to winter conditions, and strategic procurement decisions all contributed to this slight shift. Despite these challenges, the market has demonstrated remarkable stability and resilience.

See also: Chinese government tackles solar panel tax break, is the end of the price drops in sight?

Buyers remain optimistic, with 50% of respondents planning to increase purchases—a testament to the growing confidence in the industry despite external pressures. Meanwhile, 34% intended to maintain their current purchasing levels, suggesting that a significant portion of the market is holding steady, likely awaiting new projects and regulatory developments in the coming year. Only 16% of buyers anticipated reducing their orders, underscoring the ongoing demand for high-quality solar components even during traditionally slower months.

sun.store

The PV Purchasing Managers’ Index (PMI) felt slightly in December.

This balanced sentiment reflects a broader trend of strategic planning within the industry. As procurement activities adapt to seasonal dynamics, buyers are leveraging competitive pricing and preparing for an active start to 2025. December’s PMI results serve as a strong indicator that the European solar market continues to thrive, supported by consistent demand and forward-looking purchasing strategies.

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Filip Kierzkowski, Head of Partnerships and Trading at sun.store, commented: “The slight decline in PMI is expected during the holiday season. However, the consistent level of demand underscores the strength of Europe’s solar market. December’s activity indicates that buyers are strategically preparing for a robust start to 2025 by capitalizing on competitive year-end deals and securing high-quality components.”

Panel prices: marked declines across categories

December continued the trend of falling solar panel prices, driven by intense market competition and year-end stock clearance efforts by suppliers. These price adjustments, while expected during this period, underscore the ongoing oversupply challenges within the European solar market. Buyers have taken advantage of these reduced costs to secure high-quality components at attractive rates, positioning themselves for upcoming projects in 2025.

Monofacial P-type solar modules prices felt sharply again in December.

sun.store

Monofacial P-type solar modules prices felt sharply again in December.

Monofacial modules:
N-type: Prices remained steady at €0.091/Wp, reflecting a plateau in this category. This stability may indicate that the market has found a temporary equilibrium, especially for high-efficiency panels that continue to attract consistent demand.

P-type: Prices dropped significantly to €0.077/Wp, marking a notable 13% decline compared to November. This steep reduction highlights efforts by manufacturers to move older stock and remain competitive, particularly in the face of shifting buyer preferences toward advanced technologies.

Bifacial modules:

N-type: Prices declined by 5% to €0.088/Wp, as oversupply in this segment pushed prices downward. This category, often sought after for its dual-sided energy generation capabilities, continues to see pricing pressures from increased production and market saturation.

P-type: Insufficient sample size to establish trends for this category.

Full black modules:

Prices experienced a 2% decline, settling at €0.088/Wp. This modest reduction reflects both seasonal dynamics and the sustained interest in aesthetically pleasing panels, often favored for residential and premium projects.
The persistent price reductions across most panel categories indicate a buyer’s market, where competitive pricing remains a key driver of purchasing decisions. These lower price points not only enhance the accessibility of solar technology but also pave the way for a strong start to 2025, as buyers stock up on affordable, high-quality components for new installations.

Also see: SolarPower Europe calls for action plan to save the European PV inverter industry

Inverter pricing: contrasting trends

Inverter prices in December exhibited diverse patterns, shaped by evolving purchasing strategies and shifting buyer preferences. These movements reflect the nuanced dynamics of the solar market as the year drew to a close, with procurement choices heavily influenced by project needs and inventory availability.

Prices for hybrid inverters >15kW increased in December, all other categories felt.

sun.store

Prices for hybrid inverters >15kW increased in December, all other categories felt.

Hybrid Inverters:
<15kW: Prices fell by 7%, landing at €118.19/kW. This decline can be attributed to year-end inventory adjustments, as suppliers aimed to clear stock before the start of 2025. The demand for smaller hybrid inverters remained consistent, primarily driven by residential installations and smaller commercial projects.

>15kW: Prices increased by 12%, reaching €94.56/kW. This rise reflects a shift in purchasing patterns in December, with buyers focusing on mid-range systems in the 20–25kW range. The lack of bulk purchases for larger capacities, such as 50kW units, pushed the average price higher.

On-grid Inverters:

<15kW: Prices declined by 8%, settling at €57.71/kW. This drop indicates a continued adjustment in the residential segment, where competition remains fierce, and suppliers are eager to position themselves competitively for 2025.

>15kW: Prices experienced a modest 3% decline, falling to €25.45/kW. The relatively stable demand for larger on-grid systems reflects the sustained interest in utility-scale and large commercial installations, albeit with a cautious approach to year-end procurement.

Brand preferences: Jinko and Solis dominate

In December, JA Solar led the panel market, favored for its reliability and efficiency. For inverters, Sungrow dominated the <15kW segment, while Huawei secured the top spot for >15kW systems, reflecting strong demand for high-performance solutions across diverse projects.

Reflections on 2024 and outlook for 2025

As 2024 draws to a close, sun.store celebrates another milestone year, with steady demand and significant growth across European markets. The platform now boasts over 20,000 registered users, over 600 MW of components were traded in 2024, showcasing the accelerating adoption of solar technologies across the continent.

Agata Krawiec-Rokita, Co-founder and CEO of sun.store, shared her perspective on the year and future trends: “2024 was a year of resilience and adaptation for the European solar market. Despite economic uncertainties and seasonal fluctuations, the industry continued to grow, supported by increasing demand for renewable energy and technological advancements. Looking ahead to 2025, we anticipate a greater focus on energy storage solutions and hybrid systems as installers and buyers seek more integrated and efficient solar setups. Our goal at sun.store is to remain at the forefront, providing unmatched access to high-quality components and insights to empower the industry.“

Also see: SolarPower Europe report – EU solar market with only weak growth

„As we step into 2025, the European solar market is poised for further growth. Regulatory support for renewables, alongside continued price competitiveness, sets the stage for another transformative year. With evolving buyer preferences and increasing demand for integrated systems, sun.store remains committed to leading the industry with its innovative marketplace solutions and data-driven insights“, Agata Krawiec-Rokita said.

About – pv.index & The PV Purchasing Managers’ Index (PV PMI)

PV Index traces current trading prices for solar components on a monthly basis. Data is recorded on sun.store, a online PV trading platform with 7.8 GW+ of components on offer. Trading prices are weighted by the power of components involved in the transactions to arrive at a reliable estimate for the whole market.

The PV Purchasing Managers’ Index (PV PMI) is a measure indicating the overall sentiment towards the demand in the PV industry. PV PMI shows whether demand is expected to expand (above 50), remain stable, or contract (below 50), as perceived by purchasing managers.

The PV PMI was calculated as: PMI = (P1 * 1) + (P2 * 0.5) + (P3 * 0), where: P1 = percentage of answers reporting an improvement, P2 = percentage of answers reporting no change, P3 = percentage of answers reporting a deterioration. Survey is based on a sample of 800+ sun.store buyers. (hcn)





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It may sound crazy, but the loss of Chinese tax breaks that will lead to higher solar panel prices is good news for the solar energy sector. One of the reasons that the demand for solar panels has declined worldwide is the ever-decreasing price. After all, this makes it interesting to postpone the purchase.

That is now changing, because since December 1, the Chinese government has reduced the export tax refund by 4 percent. Chinese manufacturers of solar panels can now only get 9 percent of this tax back. “The remaining 9 percent will also be lost in the first half of 2025,” says Scheper.

Also see: November 2024 pv.index – Steady market confidence as prices drop across categories

“The Chinese government is done with it. The Chinese economy has been doing less well than desired for some time and this tax benefit for solar panels is seen as unnecessary. The prices of solar panels, wafers and cells can hardly be lower, so why do you need a tax break any longer? These can be the first signs of a curve bend towards price increases. Then postponing the purchase becomes less and less interesting.“

„Storage really seen as the new gold“

This does not mean that the problems are over, as consumer demand worldwide is lower than expected and lower than supply. This has created production overcapacity worldwide that Scheper estimates to be potentially around “50 to 100 percent”. According to SolarPower Europe’s EU Market Outlook for Solar Power 2024-2028, the number of installed solar panels in half of the top 10 countries was lower than last year. In addition to the Netherlands, these are Spain, Poland, Austria and Hungary.

Also see: SolarPower Europe report: EU solar market with only weak growth

The other top 10 countries (Germany, Italy, France, Greece and Portugal) did see their installation figures grow, but much less strong than in 2023. While the number of installed solar panels in 2023 was 40 percent higher than in 2022, the number of installed solar panels is expected to increase by only 4 percent in 2024.

Download the full World of Solar report for free

“During and after the COVID 19 pandemic, many investers stepped into the solar energy sector because huge growth figures were being achieved. They now think: ‘What a crazy market this is.’ It has only cost them money. Partly because of this, solar panels are not popular with investors, but also because the manufacturers’ products are fairly interchangeable. Inverters are already a bit more complex, so there is a little more margin on them. But storage is really seen as the new gold,” says Scheper.

„Best for companies to work together as much as possible“

“What many people thought is that the solar energy sector would step aside and start doing storage now, but that turns out not to be so easy. Both home batteries and large-scale battery installations are not plug-and-play modules. You have to be able to install them, provide associated software and maintenance service, and to be able to act you have to work with local parties. This creates a new playing field and it is not at all certain who the winners of battery sales will be.“

Also see: Central & Eastern Europe – Utility-scale storage market set to increase fivefold by 2030

According to Scheper, this has created another situation in which many technicians are without financial resources and many investors without the right technical knowledge. “That offers an opportunity for companies, but that is easier said than done, because where is the added value of your company? The technical knowledge of batteries is not necessarily in the solar energy sector and the financial resources are not widely available at the moment. It is therefore best for companies to work together as much as possible, for example with logistics and purchasing, and thus offer added value to technicians and investors.“ (GS/hcn)





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The PV Purchasing Managers’ Index (PMI) remains a cornerstone for understanding market sentiment and demand trends in the European solar industry. This metric, derived from the purchasing intentions of over 20,000 registered users on the sun.store platform, serves as a valuable barometer of the industry’s health and future direction. With consistent participation from a diverse network of buyers—spanning installers, distributors, and many others—the PV PMI captures the nuanced shifts in purchasing behavior across the continent.

Sustained demand in a challenging market

In November, the PMI held steady at 68, maintaining the same level as in October. While this stability suggests resilience in demand, it also reflects a market that is cautiously navigating seasonal transitions and broader economic uncertainties. Buyers appear to be adjusting their strategies as the year-end approaches, with 51% planning to increase their purchases, a slight uptick from 50% last month. Meanwhile, 35% intend to maintain their current buying levels, and only 14% anticipate reducing their orders.

sun.store

The Purchase Managers‘ Index in November 2024 was stable.

This balance indicates that the European solar market continues to demonstrate robust confidence, even in the face of declining prices. The steady PMI underscores the ongoing commitment of buyers to secure high-quality components, leveraging favorable pricing trends to optimize their procurement strategies. As seasonal factors influence installation timelines and stock replenishment, the consistent PMI provides a reassuring signal that demand for solar solutions remains strong as the industry gears up for the coming year.

Filip Kierzkowski, Head of Partnerships & Trading, shared his perspective: “This steady PMI demonstrates the resilience of the European solar market, even as we enter the traditionally slower months. It’s encouraging to see consistent interest in high-quality components, despite external challenges.”

Development of PV panel prices since January 2024.

sun.store

Development of PV panel prices since January 2024.

Key price trends for November: panels

Monofacial modules:

N-type: Prices fell by 7% to €0.091/Wp from €0.098/Wp in October. This decline reflects ongoing efforts by sellers to clear inventories ahead of year-end.

P-type: A more modest 2% drop brought prices to €0.088/Wp, down from €0.090/Wp, indicating relative stability in this category.

Bifacial modules:

N-type: Prices saw a significant 10% decline, reaching €0.093/Wp from €0.103/Wp, driven by intensified competition and surplus stock.

P-type: Insufficient sample size to establish trends for this category.

Full black modules:

Prices dropped by 9%, landing at €0.090/Wp, down from €0.099/Wp in October. The continued price decline highlights sustained oversupply and heightened competition among suppliers

Inverter pricing: mixed movements

Hybrid inverters showing both increases and decreases depending on capacity, while on-grid inverters generally experienced declines across the board.

Hybrid Inverters:

<15kW: Prices rose by 7% to €127.18/kW, up from €119.25/kW in October. This uptick reflects increased demand for advanced residential solutions, particularly premium brands like Huawei.

15+ kW: Prices fell by 7% to €84.32/kW, down from €90.69/kW. Larger systems faced slower demand due to a shift in buyer focus toward smaller, more flexible installations.

On-grid Inverters:

<15kW: Prices dropped by 8%, reaching €62.45/kW compared to €67.85/kW in October. This decline is attributed to weaker residential demand as seasonal factors take hold.

15+ kW: Prices dipped by 3% to €26.24/kW, down from €27.11/kW, signaling stabilized demand in larger-scale projects.

Also see: Europe must strengthen its production base for solar inverters

PV inverter prices showed a mixed picture.

sun.store

PV inverter prices showed a mixed picture.

Krzysztof Rejek, Head of Business Development at sun.store, offered insights into the trends: “The downward pricing trend persisted in November, with all segments hitting new lows—some module offers even nearing €0.05/Wp. Distributors continue their stock liquidation strategies, driven by end-of-year warehouse clearance efforts.“

Also see: Disappointing solar energy market leads to global shifts

„Looking ahead to December, we anticipate a slight uptick in prices due to China’s limited production capacity and a reduction in export tax rebates for modules. However, the availability of discounted stock from distressed distributors is likely to keep the overall average prices at competitive levels“, Krzysztof Rejek stresses.

Brand preferences: Jinko and Solis dominate

Jinko Solar continued to lead across all panel categories—maintaining its position as the top choice among sun.store users.
For inverters, Solis remained the preferred brand for systems under 15kW, while Huawei held its dominance in the 15+ kW category, reflecting their strong reputation for reliability and performance in larger installations.

In summary

The November pv.index paints a clear picture of a market marked by steady demand and competitive pricing. Panel prices continue to trend downward, while inverter categories present a mixed bag of price changes influenced by evolving buyer preferences and year-end dynamics.

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About – pv.index & The PV Purchasing Managers’ Index (PV PMI)

pv.index traces current trading prices for solar components on a monthly basis. Data is recorded on sun.store, a leading online PV trading platform with 7.8 GW+ of components on offer and more than 20,000 registered users. Trading prices are weighted by the power of components involved in the transactions to arrive at a reliable estimate for the whole market.

The PV Purchasing Managers’ Index (PV PMI) is a measure indicating the overall sentiment towards the demand in the PV industry. PV PMI shows whether demand is expected to expand (above 50), remain stable, or contract (below 50), as perceived by purchasing managers.

The PV PMI was calculated as: PMI = (P1 * 1) + (P2 * 0.5) + (P3 * 0), where: P1 = percentage of answers reporting an improvement, P2 = percentage of answers reporting no change, P3 = percentage of answers reporting a deterioration. Survey is based on a sample of 800+ sun.store buyers. (hcn)





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In October, the PV Purchasing Managers’ Index (PMI) slightly declined, settling back to 68, which matches the level from August. This decrease comes after a brief uptick in September, indicating a cautious approach as the industry moves towards year-end. Buyers are adjusting their purchasing plans with the season’s end in sight, yet confidence remains relatively stable, with 50% of respondents planning to increase their orders, 37% intending to maintain current levels, and only 13% anticipating a reduction. This steady demand outlook suggests that, despite price fluctuations, optimism persists across Europe’s solar market.

This confidence reflects resilience in the European PV market, even as the sector contends with seasonal and economic factors. As noted by Krzysztof Rejek, Head of Business Development at sun.store: „The stable PMI at 68 shows that the demand for solar components remains strong, yet slighltly decreasing versus previous months. Seasonal factors, coupled with a reduction in installation activities as winter approaches, have influenced purchasing behavior. However, the industry is still vibrant, and we’re seeing a steady demand for high-quality components.“

sun.store

The PV Purchasing Managers’ Index (PMI) slightly declined in October 2024.

Panel and inverter pricing

Panel prices show mixed trends

October continued the downward price trend across most PV panel categories. Notably:

Monofacial modules:

N-type: prices fell by 15%, landing at €0.098/Wp, down from last month’s €0.105/Wp, as oversupply persists.

P-type: prices for P-type modules showed a modest decrease of 1%, now at €0.090/Wp, compared to €0.091/Wp in September, suggesting relative price stability in this segment.

Bifacial modules:

N-type: modules saw a notable 10% drop, reaching €0.103/Wp, down from €0.114/Wp in September, indicative of competitive pressures and market saturation.

P-type: sample size was too limited to determine a conclusive trend this month.

Full black modules:

Full black modules experienced a price decline of 9%, moving to €0.099/Wp, compared to €0.109/Wp last month, reflecting a steady oversupply and competition among suppliers.

PV inverters prices in October 2024.

sun.store

PV inverters prices in October 2024.

Inverter prices reveal nuanced shifts

For the first time inverters are included in the pv.index. “We’re excited to introduce a more detailed breakdown in the inverter market”, Agata Krawiec-Rokita, CEO of sun.store, commented.

Hybrid Inverters:

 <15kW: Prices have decreased by 7% over the last three months, from €128/kW to €119.25/kW. This reduction aligns with slightly lower-than-expected demand for residential installations, coupled with constant oversupply, prompting suppliers to adjust prices for smaller capacity units.

15+ kW: Larger hybrid inverters experienced a 5% price drop between August and September, stabilizing in autumn (September to October) with a slight 1% increase to €90.69/kW, up from €90.18/kW last month. This increase reflects a shift towards premium brands, such as Huawei, indicating a preference for high-quality products in larger-scale projects.

On-grid Inverters:

<15kW: A 13% drop in string inverters for residential use shows both a shift to hybrid options and downward pricing trends in the residential segment. The average price for smaller on-grid inverters fell by 2%, reaching €67.85/kW from €69.21/kW in September, suggesting a price recalibration as the market stabilizes following the summer peak.

15+ kW: Inverters over 15 kW in the on-grid category experienced a 2% rise, with prices increasing to €27.11/kW from €26.49/kW. As with hybrid inverters, this increase is largely driven by a preference for higher-performance brands, reinforcing the trend toward premium choices in larger installations.

Krzysztof Rejek, Head of Business Development at sun.store, comments on the current pricing dynamics: „The trend of module stock devaluation continues with sellers trying to increase their sales figures. We expect for that situation to remain actual especially due to upcoming Black Friday promotions and year-end clearances. This trend allows buyers to secure top-quality components much below regular costs, fueling demand and opening up new opportunities for projects across Europe. We anticipate these attractive prices will continue, providing a unique chance for our users to capitalize on some of the best deals of the year.“

Also see: Battery revenues forecast to rebound in 2026

October’s most preferred brands

In terms of brand preference, Jinko Solar dominated across all panel categories (Monofacial, Bifacial, and Full Black), continuing its streak as a top choice among sun.store users. For inverters, Solis emerged as the preferred brand for systems under 15kW, while Sungrow led in the 15+ kW category, demonstrating a strong demand for reliable, high-performance equipment in larger installations.

Also see: “A company cannot be on hold for a year”

About – pv.index & The PV Purchasing Managers’ Index (PV PMI)

pv.index traces current trading prices for solar components on a monthly basis. Data is recorded on sun.store, a online PV trading platform with 7.8 GW+ of components on offer. Trading prices are weighted by the power of components involved in the transactions to arrive at a reliable estimate for the whole market.

The PV Purchasing Managers’ Index (PV PMI) is a measure indicating the overall sentiment towards the demand in the PV industry. PV PMI shows whether demand is expected to expand (above 50), remain stable, or contract (below 50), as perceived by purchasing managers.

The PV PMI was calculated as: PMI = (P1 * 1) + (P2 * 0.5) + (P3 * 0), where: P1 = percentage of answers reporting an improvement, P2 = percentage of answers reporting no change, P3 = percentage of answers reporting a deterioration. Survey is based on a sample of 800+ sun.store buyers. (hcn)





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The PV PMI (PV Purchasing Managers’ Index), purchasing intentions from buyers across the sun.store platform, continues to provide a valuable lens into the industry’s direction. sun.store, Europe’s largest solar marketplace, is central to these market insights, with over 16,500 registered users and more than 7 GW of equipment available from a diverse range of suppliers. This month’s index reveals increasing buyer confidence as 54% of respondents plan to boost their purchasing in October, a significant rise from 49% in September.

PV PMI: Buyer confidence bounces back

September marked a welcome resurgence in market optimism, with the PV PMI climbing to 71. This jump highlights the renewed confidence buyers have in the solar market, with over half of respondents signaling plans to increase their purchases in the coming month. Meanwhile, the percentage of buyers intending to reduce their orders fell slightly to 11%, indicating that overall sentiment is stabilizing after the summer lull. While 36% of respondents plan to maintain current purchasing levels, this strong PMI reading suggests growing momentum as the market heads into the final quarter of the year.

pv.index – Price trends: further declines across the board:

Despite the increase in demand, solar component prices continued to decline in September. This price reduction can largely be attributed to excess supply, which continues to pressure the market.

Monofacial modules:

N-type: modules saw a further 1% reduction, with average prices dropping from €0.106/Wp in August to €0.105/Wp in September.

P-type: modules experienced a steeper decline of 9%, falling from €0.100/Wp in August to €0.091/Wp.

Bifacial modules:

N-type: modules experienced a steeper decline of 9%, falling from €0.100/Wp in August to €0.091/Wp.

P-type: too small sample to calculate the trend.

Full black modules:

Remained steady this month, holding at €0.109/Wp, after dropping significantly in previous months.

This steady reduction in prices is reflective of an oversupplied market, with many manufacturers continuing to offload stock at competitive prices. The PV index consistently highlights these trends, offering detailed visibility into transactional pricing across sun.store’s vast European network.

Jinko Solar continues to dominate

For yet another month, Jinko Solar was the most popular brand among buyers on sun.store. This reflects Jinko’s consistent ability to provide high-quality, competitively priced products, even in a volatile market. As competition tightens among suppliers, Jinko’s dominance underscores the importance of reliable, well-regarded manufacturers in maintaining market confidence.

Victor Cantareli, International Business Development Manager at sun.store, offered his insights into the current dynamics: Having exposure to several markets—from the UK & Ireland to the Nordics and Portugal—I’ve observed first-hand a resurgence in both equipment purchases and installations over the past month. Market dynamics do vary significantly between countries, but the overall outlook remains positive as we head into the final quarter of the year, with more projects and contracts being signed. Despite the noticeable slowdown in August, as highlighted in our previous report, some of my key accounts achieved record project sales, with procurement activities already picking up pace for Q4 2024.

As the PV industry moves into the final quarter of 2024, the rebound in demand and the ongoing price declines are setting the stage for what could be an interesting conclusion to the year. With new projects in the pipeline and growing interest in solar solutions, all eyes are on the market’s next moves. sun.store, with its extensive network and insights, remains a key player in navigating these changes.

About – pv.index & The PV Purchasing Managers’ Index (PV PMI)

pv.index traces current trading prices for solar components on a monthly basis. Data is recorded on sun.store, the biggest online PV trading platform with 7 GW+ of components on offer. Trading prices are weighted by the power of components involved in the transactions to arrive at a reliable estimate for the whole market.

See also: Project developer Limes with more solar projects in Italy

The PV Purchasing Managers’ Index (PV PMI) is a measure indicating the overall sentiment towards the demand in the PV industry. PV PMI shows whether demand is expected to expand (above 50), remain stable, or contract (below 50), as perceived by purchasing managers.

The PV PMI was calculated as: PMI = (P1 * 1) + (P2 * 0.5) + (P3 * 0), where: P1 = percentage of answers reporting an improvement, P2 = percentage of answers reporting no change, P3 = percentage of answers reporting a deterioration. Survey is based on a sample of 500+ sun.store buyers. (mfo)





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Scheper previously concluded that solar panels behave as a seasonal product in ‘normal periods’. As soon as the sun starts to shine, consumers are reminded that energy bills can be reduced by installing solar panels. Usually, a rise in temperature led to an increase in the sale of solar panels.

The fact that this is not the case now is therefore a sign that the solar energy sector is not in a normal period. Despite the fact that the prices are extremely low, sales are still very disappointing. “A year and a half ago, you paid 30 cents per watt peak for a solar panel. Now you can buy an entire installation for that price,” says Scheper.

Also see: Trinasolar reports profitability – 26% more PV modules shipped

Recently media reported that Chinese solar panel manufacturers are suffering large losses. For example, LONGi expects a net loss of 4.8 billion renminbi (about 610 million euros) for the first half of 2024. Tongwei and TCL have a loss of 3 billion renminbi (381 million euros).

Huge losses throughout the supply chain

“Manufacturers are having a really hard time and are incurring huge losses, but you can see this throughout the supply chain. No one is making money from the current situation and companies are now trying to compensate in other ways. Fortunately, the C&I and projects market and batteries still offer some hope,” says Scheper.

Also see: Sungrow – Increased net profit and rising R&D investments

“Some companies are getting into the production of electrolysers for green hydrogen, intensifying the sale of batteries or collaborating more. LONGi used to have a near monopoly in the field of wafers, but has lost a large part of it. Now, thanks to a partnership with DAS Solar, they are back to a market share of 40 percent. Then you may be able to do something about prices autonomously, but of course it remains to be seen how the other 60 percent will react to that.“

Biggest problem still overcapacity

“At the end of the day, the biggest problem remains that there is overcapacity at the moment and that can only be solved with a significant increase in demand or a significant drop in new supply. A relevant increase in demand is not in line with expectations and if a producer shuts down its factory, banks and investors lose their confidence and this party will be over in no time,” says Scheper.

See also: Merciless battle for prices and market share

Some time ago, the Chinese government took a first step towards a solution by prohibiting manufacturers from further increasing their production capacity. With the financial resources that are freed up, manufacturers must use them to improve existing product technology and reduce production costs. However, this does nothing to change the current supply surplus and the overpriced stocks.

Two scenarios – both with pain

“In my opinion, there are therefore only two scenarios that will really cause movement in the market again. In the first scenario, a number of large producers go bankrupt, bringing the market to a standstill. The supply is getting smaller and the prices are going to rise again. In the second scenario, a large market player that has large credit limits outstanding with manufacturers collapses. They will then lose money and will be forced to raise their prices,” says Scheper.

Get the full Market Outlook Report for free here

“It’s still a frustrating time. Because of the long-term goals for solar energy, we know that there are still a lot of solar panels need to be installed. Consumer interest and market are currently temporarily ‘on hold’, but a company cannot be on hold for a year.” (GS/hcn)





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The PV PMI (PV Purchasing Managers’ Index), which tracks overall demand trends in the industry, provides valuable insights into the market’s direction based on input from sun.store buyers. As the largest solar marketplace in Europe, sun.store plays a central role in this landscape, boasting more than 15,000 registered users and over 6 GW of equipment available from a multitude of brands.

In August, the PV PMI remained stable at 68, the same as in July, indicating that market confidence has remained consistent throughout the summer. This steady reading suggests that while some market participants are maintaining a cautious approach, the overall sentiment remains positive, with a significant proportion of buyers continuing to plan for stable or increased purchasing activities.

sun.store

The PV Purchase Manager`s Index of online trading platform sun.store was pretty steady in August 2024,

While the percentage of respondents intending to increase their purchases saw a slight dip from July’s 50% to 49%, the proportion of those planning to maintain their current purchasing levels rose to 39%, up from 37%. This shift suggests a cautious yet positive sentiment among buyers, who are likely adopting a wait-and-see approach in anticipation of potential regulatory changes and further market developments in the fall. The number of those expecting to decrease their orders remained low at 12%, underscoring the underlying stability and confidence within the industry.

pv.index – PV panel price trends – continuing downward trajectory

August brought significant changes in the pricing of PV panels across all categories. Notably, the prices for both monofacial and bifacial panels continued to decline, reflecting ongoing oversupply issues and competitive pressures in the European market.

Monofacial modules:

N-type: Experienced a 6% reduction in the average price, dropping from €0.113/Wp in July to €0.106/Wp in August.

P-type: Saw a more substantial decline of 12% in the average price, with prices falling from €0.114/Wp to €0.100/Wp.

Bifacial modules:

N-type: Marginally decreased by 1% in the average price, from €0.121/Wp to €0.120/Wp.

P-type: too small sample to calculate the trend.

Full black modules:

This category saw a 6% decrease in the average price, moving from €0.116/Wp in July to €0.109/Wp in August.

Jinko Solar remains the top spot

Jinko Solar has once again emerged as the most popular brand on the sun.store platform, which highlights the brand’s strong presence and continued trust among PV buyers.

Krzysztof Rejek, Head of Business Development at sun.store, shared his perspective on the current market dynamics: „The ongoing pricing challenges, driven by the overstock of older modules and the overcapacity of new ones, remain a significant factor in the market. Although we’ve seen decreased shipping volumes, this has not yet translated into lower price levels for higher-performance modules. We anticipate that the effects of these reduced volumes will become more evident in the coming months. Meanwhile, lower-performance modules continue to experience a decline in value, with further sell-offs likely as suppliers seek to clear excess inventory.“

Also see: Merciless battle for prices and market share

August 2024 has proven to be a month of steady demand with continued price adjustments. Persistent oversupply and overcapacity have driven prices down, particularly in lower-performance segments. While the impact of reduced shipping volumes on high-performance modules is still unfolding, the market remains resilient. sun.store continues to support the industry by providing access to essential solar components and insights to navigate these challenges.

About – pv.index & The PV Purchasing Managers’ Index (PV PMI)

pv.index traces current trading prices for solar components on a monthly basis. Data is recorded on sun.store, the biggest online PV trading platform with 6 GW+ of components on offer. Trading prices are weighted by the power of components involved in the transactions to arrive at a reliable estimate for the whole market.

The PV Purchasing Managers’ Index (PV PMI) is a measure indicating the overall sentiment towards the demand in the PV industry. PV PMI shows whether demand is expected to expand (above 50), remain stable, or contract (below 50), as perceived by purchasing managers.

The PV PMI was calculated as: PMI = (P1 * 1) + (P2 * 0.5) + (P3 * 0), where: P1 = percentage of answers reporting an improvement, P2 = percentage of answers reporting no change, P3 = percentage of answers reporting a deterioration. Survey is based on a sample of 500+ sun.store buyers. (hcn)





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The prices of new Topcon double-glass modules with an efficiency of 22 percent and above in particular were revised downwards significantly in May and June. They are getting closer to the mainstream, so they are not giving manufacturers any breathing space. Competition is brutal, as faster market growth cannot be expected in the short term.

Growing too fast

The reason: the major Chinese suppliers have expanded their plants to 500 gigawatts in the past two years. Last year, the domestic market in China only took around 280 gigawatts. This year it could be 340 gigawatts. Because the Americans have reacted to the price dumping with punitive tariffs, only Europe remains as a sales market.
Solar modules are therefore offered in Europe for less than twelve euro cents. The cost of production in China is 13 to 14 cents. The costs for transportation by sea, customs and storage in Rotterdam as well as distribution by truck within Europe must be deducted from this.

Chinese banks are exercising caution

In contrast to the first crisis twelve years ago, Beijing will not be opening its coffers this time to bail out manufacturers with loans. In 2011 and 2012, an estimated 20 billion US dollars flowed to module manufacturers who were facing bankruptcy after the collapse of the feed-in tariff in Germany. At that time, the Chinese domestic market did not buy enough goods to make up for the shortfall in exports.

Also see: China wants to curb expansion of production capacity

It was reported in Munich that Chinese banks had been instructed to stop extending bad loans. The economy in China is in a tailspin. Nerves are on edge in Beijing. The bankruptcy of the Evergrande real estate group has triggered a national crisis, as millions of Chinese have been cheated and are now without housing.

No price turnaround with new cells

Back to the module business: hopes that more powerful modules with new cell technologies would turn the tide have not yet been fulfilled. Only a few solar modules with back-contact or tandem technology have seen an upward trend. Apparently, production of N-type Topcon cells and such modules has now been ramped up in China.

Dealers and installers still have large stocks of modules produced in 2023 or earlier. If these modules have the usual area of two square meters for roof systems in Germany, they are selling increasingly poorly due to their low output.

Building owners usually want the highest possible output and the latest technology in new systems. This makes it difficult to reduce stocks – and is a challenge for wholesalers.

Old stocks are being sold off

The stock of old modules, which was purchased at significantly higher prices, must be further devalued. However, not all players are able to do this, resulting in very different prices for modules with Perc cells on the market. Overall, the price difference between the categories is therefore shrinking.

Only those module manufacturers who can set themselves apart from the flood of mass-produced goods have a chance. And: it is far from certain that sheer size will actually ensure economic success – survival in the brutal module market.

Also interesting: Demand steady as prices continue to decline

Even if the situation is chaotic at the moment, there are likely to be some advantages for European manufacturers – at least in the long term: Lower transportation costs and associated emissions, proximity to customers, comprehensive service for installation partners. (hs/hcn)
German version here





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It has been the big concern of the solar industry for months: low prices. Chinese solar panel manufacturers have significantly expanded their production capacity in the past two years, without a significant increase in demand. The increase in demand caused by the COVID pandemic and the energy crisis turned out to be more temporary than expected.
Due to the widening gap between supply and demand, selling prices fell for months on end. This decline was so rapid that traders were left with overpriced lots. In the Netherlands, also the demand for solar panels has fallen sharply.

At the largest global solar energy fair SNEC, the atmosphere was not very optimistic, says Scheper. “It was the biggest SNEC ever, but everyone involved in solar panels complained a lot. Worldwide demand is simply very disappointing, while production capacity has doubled.“

See also: Market turmoil continues: JinkoSolar taken off Tier 1 list

In recent years, the solar industry has often struggled with persistent supply chain bottlenecks that have caused rapid price increases and decreases. For example, containers were poorly available for a period of time, causing logistics costs to explode, there were temporary raw material shortages, interest rate fluctuations and so on.
“But in all those periods, it was one or two links in the supply chain that were disappointing, so that the rest could often benefit from rising prices. Now everyone is suffering from the lower prices, which means that the dynamics of the market are gone,” says Scheper.

“Quite recently, only the logistics branch has become the exception to the rule. For example, the container price has risen from 900 to 9,000 dollars per container since the beginning of this year. With the current low prices, transport costs account for 25 percent of the total cost per panel. Overproduction remains the central problem that needs to be solved.“

Chinese measures

The Chinese government has now taken a first step towards a solution. Bloomberg reports that the Chinese Ministry of Industry and Information Technology will impose restrictions on manufacturers. They must not increase their production capacity any further and must use the financial resources freed up to improve existing product technology and reduce production costs.

This is a remarkable move by the Chinese government, because in the long term it is still aiming for a larger production capacity. By pausing these expansions now, we are clearly opting for the short term. Not something China is known for. What will undoubtedly have played a role is that several major manufacturers recently announced that they had suffered huge losses and therefore insisted on government intervention.

See also the latest pv.index of sun.store: Demand steady as prices continue to decline

Although this step will prevent further expansion of the existing overcapacity, it is not a solution to the current supply surplus. In addition, while reducing production costs will help manufacturers to reduce their operational costs, this is of no use to a trader with a too big and overpriced stock. They are only benefited by rising panel prices.
Countries such as the US, India and Turkey have put a significant brake on the import of Chinese solar panels with import restrictions. Europe remains wary of this, even though it has done so before for Chinese electric cars. But while the EU still has plenty of alternatives to electric cars available, this does not apply to solar panels – a market that is completely dominated by China.

Large-scale projects are the exception to the rule

Large-scale solar energy projects are still running reasonably well at the moment, Scheper observes. “That market is not doing badly, so the solar installation figures are still quite reasonable, but that is mainly due to investments in energy storage.“

A phenomenon that is becoming visible in a large part of Europe. According to recent research by SolarPower Europe, the European battery market grew by 94 percent in 2023 compared to 2022. A total of 17.2 gigawatt hours of battery capacity was installed.

Get the full World of Solar market report 2024 for free download here

“With large-scale batteries, you can currently achieve your returns on the imbalance market. In addition, many companies in the solar energy sector have started selling home batteries. However, this is not a structural solution either. If the flex offer is significantly increased in the coming years, it will change its own business case. Then it’s just a matter of waiting for an increased solar energy supply.” (GS/hcn)





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