China has installed a record of 104.9GW of solar PV between January and April 2025, according to data from the Chinese National Energy Administration.
This represents a 75% year-on-year increase and a new record for solar PV additions. New wind power installations reached 19.96GW, recording a 19% year-on-year increase.
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The dramatic surge in new PV installations has been driven by strong policy support.
Earlier this year, China’s National Energy Administration issued the “Distributed PV Power Generation Development and Construction Management Measures,” which clearly states that projects to be grid-connected before May 1, 2025 can continue under the old electricity pricing policy, while those connected after June 1 must participate in market-based bidding.
This policy window directly triggered a project installation rush.
The data reveals that April alone accounted for 45.22GW of new PV installations, representing a 215% year-on-year increase. Compared to Q1 2024’s total new PV installations of 45.74GW, April 2025’s single-month additions nearly matched the entire first quarter of last year.
Among the different markets, commercial and industrial (C&I) PV projects were a key driver of this surge. Anticipating changes in electricity pricing policies, enterprises rushed to lock in costs and secure returns by accelerating project filings, leading to explosive growth in project registrations.
Module prices decrease after installation rush
To meet grid-connection deadlines, module procurement cycles were dramatically compressed from the typical 3 months down to just 1 month, triggering concentrated short-term demand surges.
Following the installation peak, prices across the PV industry chain plummeted. InfoLink data from May 22 showed that some cell manufacturers began production cuts in late May. For modules, TOPCon prices from tier-1 suppliers hit a low of RMB0.65-0.66/W (US$0.09-0.092/W), with TOPCon bifacial modules priced at RMB0.62-0.72/W.
Heterojunction modules were priced at RMB0.72-0.85/W, while N-TBC modules (back-contact technology) averaged at RMB0.7-0.82/W.
Backlogged projects supported demand in early May, but late-May demand momentum showed fragility amid rising market uncertainty. Looking ahead, the industry faces multiple challenges from late Q2 to Q3: fading policy incentives, overcapacity, trade barriers, and grid absorption constraints.
