US solar module prices increase, efficiency improvements slow – CEA

Facebook
Twitter
LinkedIn
Reddit
Email
A range of factors related to import duties and changing tax rates in China has driven up US module prices. Image: Luke Price via Flickr.

US solar module prices are increasing due to unexpectedly high AD/CVD cash deposit rates, making imports from Southeast Asia less viable, according to the latest pricing analysis from Clean Energy Associates (CEA).

CEA’s latest quarterly ‘PV Price Forecasting Report’ has revealed a growing price gap between modules subjected to import duties and those from duty-free locations.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Joseph Johnson, associate director for market intelligence at CEA, said: “The onset of AD/CVD cash deposit rates ranging from 15-125% has sent module prices skyrocketing, with supply from named Southeast Asian countries increasing in excess of 5 cents per watt.”

CEA said pricing from domestic or non-AD/CVD-impacted countries is also on the rise due to scarcity of bankable supply but held in check by US module inventories.

“Developers that were able to proactively secure supply in 2024, or those able to secure contracts with module makers able to secure cell supply from Laos or Indonesia may only see marginal price increases (~2-3 cents per watt),” said Johnson.

“Some companies are now modifying or renegotiating contracts to move cells from in-house Thailand, Malaysian, or Vietnam factories to third-party Indonesian and Laos sourcing, raising prices for even those with locked-in orders.”

Solar efficiency improvements are slowing as manufacturers cut R&D budgets and delay investments in new equipment, particularly for TOPCon and HJT technologies.

Another factor identified by CEA as pushing up module prices is the Chinese government’s 4% cut in the export tax rebate for PV modules introduced at the end of 2024.

As was widely predicted at the time of the cut’s introduction, CEA said this move had begun to drive up the price of Chinese modules in the international market, as manufacturers pass on the higher costs to buyers. “This marks a shift from earlier forecasts that anticipated stable or slightly declining prices,” CEA said.

Aside from pricing, the report highlighted the extent to which solar efficiency improvements are slowing as manufacturers cut R&D budgets and delay investments in new equipment, particularly for TOPCon and heterojunction (HJT) technologies. The growing threat of patent litigation relating to new technologies is also having a chilling effect, CEA said.

“Margin pressures, trade uncertainty and the threat of IP litigation may extend PERC positioning in the US, keeping average cell efficiencies below 24% for the foreseeable future. It’s incredibly important for a new factory to recoup the investment as fast as possible before market trends change,” Johnson said.

The full ‘Q4 2024 PV Price Forecasting Report’ from CEA is available here.

17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.
7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

June 5, 2025
Investment in clean energy and grids will reach US$2.2 trillion in 2025, double the expected investment into fossil fuels this year, according to data from the International Energy Agency (IEA).
June 5, 2025
US renewable power developer Invenergy has commissioned the 250MW Hardin III Solar Energy Center in the US state of Ohio.
June 4, 2025
Independent power producer (IPP) Enlight Renewable Energy is expanding its Gecama Wind Project in Castilla La Mancha, Spain, by integrating solar PV and battery energy storage systems.
June 4, 2025
The passage of the 'One Big, Beautiful Bill' could put 330,000 clean energy jobs at risk, and threaten 331 factories with cancellation.
June 4, 2025
Chinese PV module manufacturer Haitai Solar has announced the termination of a 10GW TOPCon and the reallocation of investment to fund an Indonesian facility.
June 4, 2025
Tariffs on US imports will increase the cost of US solar PV and energy storage technologies and slow the rate of project development, according to analysis from Wood Mackenzie.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 17, 2025
Napa, USA
Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
September 16, 2025
Athens, Greece