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Solar Module Prices Statistics: Global Benchmarks and Country Data

A source-based look at solar module prices, including global spot benchmarks and country-specific 2024 prices and historical series.

November 12, 2026 6 min read simplesolarllc.com Editorial Team

Solar module prices can refer to several different measures: a global spot quote, an average U.S. benchmark, a wholesale estimate, or a typical price reported for a national market. These figures are useful for understanding price levels and changes, but they are not interchangeable. They may refer to different module specifications, units, customer stages, and estimation methods.

The figures below keep those distinctions visible. Most country observations describe 2024, while Sweden’s series reaches back to 2004. All prices are stated in the original reported currency and unit; no currency conversions are applied.

Contents

Solar module prices statistics: global spot and U.S. benchmarks

Global spot prices for a specified n-type module declined through 2024. The IEA PVPS report gives a price of $0.119 per watt at the start of the year for n-type, single-crystalline-silicon modules rated 580–625 W and using 182 mm cells. It records $0.099/W at the end of May and $0.078/W in December. The specifications matter: these are spot prices for that module category, not a universal price for all panels or transactions. IEA PVPS, Trends in Photovoltaic Applications 2025, p. 59

NREL’s Winter 2025 Solar Industry Update provides a broader global series: module spot prices fell 22% during 2024, ending at $0.09/Wdc in December. Its reported December endpoint is close to, but not identical with, the IEA PVPS figure above. The two reports describe their measures differently, so the values should be read as separate published benchmarks rather than combined into a single series. NREL, Winter 2025 Solar Industry Update, p. 32

U.S. prices in NREL’s comparison remained above the global spot benchmark. The average U.S. module price was $0.29/Wdc in Q3 2024, down 6% quarter over quarter and 12% year over year. NREL described that U.S. average as a 190% premium over the global spot price. Separately, its calculation based on the reported value and capacity of imported PV modules and cells put the average U.S. module price at just under $0.25/Wdc in Q3. That import-based calculation is a distinct measure from the $0.29/Wdc average. NREL, Winter 2025 Solar Industry Update, pp. 33–34

A related but different figure from the IEA PVPS report is a production-cost estimate: the China Photovoltaic Industry Association reported a December 2024 cost of RMB 0.692/W for a bifacial n-type crystalline-silicon module using M10 or G12R standard wafers. The stated cost includes tax and minimum cost. A production-cost figure is not a market selling price, so it should not be compared directly with spot or national customer-price observations. IEA PVPS, Trends in Photovoltaic Applications 2025, p. 59

Solar module prices statistics: historical Swedish prices

Sweden’s national survey reports installer- and retailer-provided end-customer prices for standard crystalline-silicon modules, excluding VAT. The typical reported price fell from SEK 70/Wp in 2004 to SEK 27/Wp in 2010, SEK 8.9/Wp in 2013, and SEK 2.5/Wp in 2024. This series shows a large long-term decline in the reported typical price, although the values are nominal and the source does not provide an inflation-adjusted comparison here. IEA PVPS, National Survey Report of PV Power Applications in Sweden 2024, p. 17, Table 8

The same table shows a wide reported range in the earlier years and a narrower one in 2024. In 2010, the lowest and highest prices were SEK 20/Wp and SEK 68/Wp, respectively; in 2011 they were SEK 12/Wp and SEK 50/Wp. By 2012, the reported range was SEK 9.5–40/Wp, and in 2013 it was SEK 6–16/Wp. For 2024, the lowest price was SEK 1.2/Wp and the highest SEK 5.5/Wp, alongside the typical price of SEK 2.5/Wp.

These are reported price points, not a count-weighted distribution of every module transaction in Sweden. The typical figure is useful as a summary of the table, while the minimum and maximum help show the spread captured by respondents. IEA PVPS, National Survey Report of PV Power Applications in Sweden 2024, p. 17, Table 8

Solar module prices statistics: Swiss module price ranges

Switzerland’s 2024 survey reports a typical standard crystalline-silicon module price of CHF 0.27/W, weighted by installed capacity per power range. Its accompanying low and high values are tied to different system sizes: the lowest price, CHF 0.22/W, corresponds to the median module price for systems sized 300–1,000 kWp; the highest, CHF 0.33/W, corresponds to the median for systems sized 2–10 kWp. IEA PVPS, National Survey Report of PV Power Applications in Switzerland 2024, p. 14, Table 8

The figures therefore describe price levels associated with different system-size bands, not the minimum and maximum individual module offers in one uniform market sample. The larger-system median is lower than the smaller-system median in this table, but the report’s figures alone do not establish why.

Solar module prices statistics: Canadian wholesale prices

Canada’s 2024 survey gives wholesale estimates for standard crystalline-silicon modules, excluding value-added taxes. The typical price was CAD 0.40/W, with a reported low of CAD 0.30/W and high of CAD 0.50/W. IEA PVPS, National Survey Report of PV Power Applications in Canada 2024, p. 11, Table 6

The table also provides earlier typical-price observations: CAD 0.44/W in 2020, CAD 0.63/W in 2022, and CAD 0.46/W in 2023, before the 2024 value of CAD 0.40/W. That sequence records a rise between 2020 and 2022 followed by lower reported typical estimates in 2023 and 2024. It is a set of annual wholesale estimates, not a complete monthly price path, and the report does not support attributing the changes to a particular cause. IEA PVPS, National Survey Report of PV Power Applications in Canada 2024, p. 11, Table 6

Solar module prices statistics: Australian prices

Australia’s national survey lists 2024 standard crystalline-silicon module prices in U.S. dollars per watt. It reports a typical price of $0.20/W, a low of $0.15/W, and a high of $0.90/W. The source says the typical average is inferred from system prices; it also notes that the minimum price achieved in 2024 was for imported panels. IEA PVPS, National Survey Report of PV Power Applications in Australia 2024, p. 15, Table 8

The table’s typical estimate decreased from $0.30/W in 2023 to $0.20/W in 2024. Because the average is inferred from system prices, it should not be treated as a direct quotation series or assumed to represent every module sale. The reported high is also a separate range statistic; the evidence provided does not identify its transaction type or explain the gap between that value and the typical estimate. IEA PVPS, National Survey Report of PV Power Applications in Australia 2024, p. 15, Table 8

Solar module prices statistics: Chinese prices

China’s 2024 national survey reports standard crystalline-silicon module prices in yuan per watt. The typical price was 0.70 Yuan/W, with a low of 0.62 Yuan/W and a high of 0.98 Yuan/W. These are the values and unit as printed in the report. IEA PVPS, National Survey Report of PV Power Applications in China 2024, p. 11, Table 6

These national survey figures sit alongside global spot prices, U.S. averages, and country-specific wholesale or typical-price estimates, but they should not be ranked as if they were one harmonized international price index. Their currencies, units, market stages, system-size coverage, and calculation methods differ. Read within those limits, the observations document both the downward movement in selected 2024 benchmarks and the diversity of prices reported across markets.

Sources

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