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Resilient market and year-end pricing dynamics in December

January 6, 2025 ryansheehanrts

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.

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.

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.

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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Solar Energy

Maximize urban energy generation with PV facades

December 6, 2024 ryansheehanrts

The growing demand for clean energy, combined with urban densification, makes solar facades a key solution for utilizing otherwise unused spaces. In European cities like Berlin, Amsterdam, and Copenhagen, where rooftop space is limited, facades provide an ideal surface for photovoltaic integration.

With over 25 years of experience, companies like Eurener (Spain) has developed products that not only maximize energy efficiency but also offer aesthetics that blend seamlessly with modern architecture. Its Ultra Premium and NEXA panels stand out for their sleek black design, making them an interesting choice for solar facades in projects that seek to combine advanced technology with careful visual appeal.

Solutions also for northern Europe

Eurener’s Ultra Premium range panels, with outputs of 400W and 440W, are specifically designed for building facades. Equipped with N-type cells, these panels offer high performance in low-radiation conditions, making them attractive for installation in northern European countries, where diffuse solar radiation is more common. Solar facades with these panels can continue capturing light on cloudy days and maximize energy production year-round.

Also see: Spain – New PV module factory of Eurener and partners

The new NEXA PV modules use dual-glass technology and an output of up to 450W. This feature adds durability and resistance, essential for facade installations exposed to harsh weather conditions. The dual-glass construction ensures greater longevity in adverse weather conditions such as cold and snow, which is highly relevant for northern European regions.

Despite lower direct radiation in northern Europe, Eurener panels are designed to make the most of the climatic conditions.

Enhance the market value of buildings

Moreover, solar facades have another significant advantage: reduced accumulation of snow and dirt that often affects rooftop installations during the winter months. Facade panels continue capturing sunlight, even when rooftops are covered in snow, ensuring continuous energy production.

Also see: Building-integrated photovoltaics for financing

Incorporating aesthetically integrated solar panels also enhances the market value of buildings, attracting tenants and buyers interested in sustainable solutions.

Also interesting: Estonia: Solarstone launches BIPV factory

Additionally, many European countries offer subsidies and special tariffs for energy generated from renewable sources, improving the profitability of solar facade investments. (hcn)

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Solar Energy

10,500 Jinko PV panels for Manchester City Football Academy

December 5, 2024 ryansheehanrts

This collaboration will play a part in enhancing Manchester City’s infrastructure and stadium operations, by allowing the Club to produce enough renewable energy to offset its annual power requirements. By undergoing a comprehensive upgraded aided by the technical support of Jinko, the project will see the Club become one of the largest producers of renewable energy in world football.

This partnership represents not only an innovation in the football world but also a key step towards a Net-Zero for the Club. The Tiger Neo 54-cell modules used at Manchester City’s training ground utilize innovative N-type TOPCon technology, adapting to Manchester’s variable environmental conditions. Located in a high-latitude region, Manchester experiences significant seasonal changes, especially shorter daylight hours in winter.

Also see: Strategic partnership to boost PV

Under low solar radiation conditions, the Tiger Neo maximizes power generation efficiency with its low-light performance. Additionally, the city’s cloudy, rainy, and windy climate presents higher requirements for the heat dissipation and stability of PV modules. The Tiger Neo’s sealing, and anti-PID features will ensure stable clean energy for Manchester City’s training ground, helping the club achieve its environmental goals.

Jinko Solar

Jinko Solar modules on one of the rooftops of Manchester City Football Academy.

Pete Bradshaw, Manchester City’s Director of Sustainability, commented: “Everyone at the Club is thrilled to be underway with installing more than 10,500 solar panels at the City Football Academy. While we continue to benefit from 100% renewable energy under a power purchase agreement, the transition to self-supplied renewable energy will transform the way we power our day-to-day operations by guaranteeing a consistent supply of clean energy.“

Ground-mounted solar panels will also be installed

Overall, the solar panel installation is being split into two phases. Phase One involves placing panels on the rooftops of various buildings within the City Football Academy and is anticipated to be completed by the end of 2024. Phase Two will include the addition of thousands of ground-mounted panels throughout the training facility, with completion targeted before the conclusion of the 2024/25 season.

Also see: Eaton partners with Manchester City to promote energy storage

In the meantime, Jinko will continue to work with Manchester City to connect and engage with fans globally to jointly promote the use of solar energy and further educate them on how they can play a part towards a sustainable future. (hcn)

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Solar Energy

Maximize urban energy generation with PV facades

November 7, 2024 ryansheehanrts

Solutions also for northern Europe

Also see: Spain – New PV module factory of Eurener and partners

Despite lower direct radiation in northern Europe, Eurener panels are designed to make the most of the climatic conditions.

Enhance the market value of buildings

Also see: Building-integrated photovoltaics for financing

Incorporating aesthetically integrated solar panels also enhances the market value of buildings, attracting tenants and buyers interested in sustainable solutions.

Also interesting: Estonia: Solarstone launches BIPV factory

Additionally, many European countries offer subsidies and special tariffs for energy generated from renewable sources, improving the profitability of solar facade investments. (hcn)

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Solar Energy

PV module technology – TrinaSolar emphasizes the efficiency advantages of TopCon PV modules

October 24, 2024 ryansheehanrts

Trinasolar has completed a field test which has found that TOPCon PV modules deliver an average power generation gain of 3.15% per watt over back contact (BC) modules, with a relative gain of up to 3.4% on a monthly basis. This analysis would demonstrate the superior power generation of TOPCon modules the company claims.

The test was conducted between 16^th July and 10^th September 2024 in Changzhou, China. Trinasolar compared the performance of its Vertex N 600W bifacial dual-glass modules, based on advanced n type i-TOPCon technology, with 620W bifacial dual-glass tunnel back contact (TBC) modules from an alternative manufacturer.

To ensure accuracy, the test site was designed to closely simulate regular installation conditions. It featured a cement ground with around 30% reflectivity, with modules mounted on fixed racking systems with a 23° tilt angle and installed 0.5 metres above the ground. There was no shading on the front or rear rows, and power generation data was collected using an IV tracker.

High bifaciality and low-irradiance performance

The TOPCon modules demonstrated superior performance in low-irradiance conditions such as in the morning and early evening. From 7am to 8am, the TOPCon modules’ power generation per watt was 6.9% higher than the TBC modules, and from 5pm to 7pm, its relative gain was 8.3-8.4%. This is in line with earlier field tests showing that TOPCon outperforms BC by about 5% in low-irradiance conditions.

TOPCon’s higher bifaciality also contributes to its greater power generation: even at midday when sunlight is strongest, TOPCon modules deliver a 2.6% power generation advantage over BC alternatives.

Trina Solar

Field test performance results.

The combination of high bifaciality and low-irradiance performance enables TOPCon modules to deliver a 2-3% power generation gain per watt over BC modules in actual operating conditions. These findings are consistent with results from the National Photovoltaic and Energy Storage Experimental Platform and the National Centre of Inspection on Solar Photovoltaic Products Quality, both based in China.

Further e fficiency gains expected

The test results would provide strong evidence that TOPCon will be the dominant PV technology over the next five years Trina Solar claims, with further improvements to efficiency and reductions in costs still to come. Trinasolar envisions that efficiency of the cells will increase by an additional 1% in this time, and that the power output of TOPCon modules will grow by over 30W in the same period. In five years’ time, the company expects n-type TOPCon-based perovskite-silicon tandem solar cells to become the benchmark for high-quality development in the PV industry.

Recently AIKO claimed the advantages of the back-contact technology with field results from their N-Type ABC PV modules and Longi also emphasizes the advantages of its back-contact cell and module technology. (hcn)

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Solar Energy

China wants to curb expansion of production capacity

August 12, 2024 ryansheehanrts

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.“

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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Solar Energy

Solar panel prices – China wants to curb expansion of production capacity

August 8, 2024 ryansheehanrts

Chinese measures

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

Large-scale projects are the exception to the rule

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

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