European PV module prices stabilise ‘at the bottom’ in October

The latest pv.index report shows that prices have stabilised at the bottom across all technologies, as was already seen in September.

PERC modules remained flat at €0.077/Wp (US$0.089/Wp) in October, marking the fourth consecutive month without any significant movement for the technology. The same applies to full black modules, which, for the third consecutive month, remained steady at €0.099/Wp in October, supported by strong residential demand and aesthetic appeal.

The only technology that experienced a slight decrease in prices was TOPCon modules with bifacial, decreasing by 2% on a monthly basis to €0.094/Wp, while monofacial TOPCon modules decreased by only 1% compared to September, with an average price of €0.098/Wp in October.

In terms of leading manufacturers, the top five suppliers experienced several changes compared to last month. Chinese solar manufacturer Jinko Solar took the first spot in October and is now followed by JA Solar, LONGI, Trina, and Canadian Solar.

“October confirms that the European PV market has reached equilibrium. Module prices have flattened across technologies, and inverter pricing has finally stabilised after months of decline,” said Filip Kierzkowski, Head of Partnerships & Trading at sun.store.

“What we’re seeing now is not a downturn, but normalisation. The market has adapted to post-correction dynamics with a stable PMI, generally balanced inventories, and growing confidence heading into the winter months,” added Kierzkowski.

For the second month in a row, the pv.index Purchasing Managers’ Index (PMI), which gauges buyers’ interest from sun.store users, remained unchanged at 66 points in October.

According to sun.store, this stability suggests that distributors are being cautious yet consistent in their purchases as the installation season winds down. On the other hand, market participants prioritise predictability and stock optimisation over speculative buying.

“However, for some manufacturers we are observing a noticeable increase in shipments to Europe, which could once again lead to temporary stock accumulation and intensified clearance activity — a scenario similar to what we saw late last year,” said Kierzkowski.

Inverters experience first positive movement in months

For the first time since spring, the inverters’ market has experienced an upward tick in prices, which could signal the end of a price adjustment phase, according to sun.store.

Only hybrid inverters bigger than 15kW have remained flat in October at €81.33/kW, while hybrid inverters of less than 15kW increased by 2% to €99.11/kW. This marked the first price increase since April and was driven by a steady residential demand and seasonal restocking by installers preparing for winter installations.

Both string inverters of less than 15kW (up 1%) and bigger than 15kW (up 2%) have had a price increase in October, with €45.60/kW and €24.87/kW, respectively.

Moreover, if Huawei remains the leading supplier for string inverters – followed by Sungrow, SMA, Fronius and SolarEdge – it has lost the top spot in hybrid inverters to fellow Chinese inverter supplier Deye, which switched positions with Huawei after losing the top spot in September. The other companies in the top five are GoodWe, Fronius and Sungrow.