Weekly Solar Industry Insights: December 23rd – December 29th , 2024

U.S. Distributed Generation Solar Panel Prices Decline Amid Oversupply

A Q4 report reveals that solar module prices for distributed generation (DG) projects in the U.S. have dropped 7.3% since their peak in August, now averaging $0.255 per watt in November. The price decline is attributed to increasing domestic solar manufacturing capacity and an oversupply of imported modules ahead of anticipated antidumping and countervailing duties (AD/CVD) enforcement. U.S.-produced solar cells have seen a 13% price increase due to demand driven by Inflation Reduction Act tax credits, while globally sourced cells experienced a 10.4% price drop. This reflects the market's growing differentiation based on the origin of cell production and assembly, offering buyers opportunities to weigh cost, quality, and incentive benefits.

Global Solar Module Prices Steady as Year-End Approaches

Global solar module prices remain stable to firm as markets wind down for the year. In China, the TOPCon module benchmark price held steady at $0.087/W, despite a self-regulation agreement among Chinese solar companies to control supply. Chinese module makers are operating at reduced capacity, but strong sales pressure and high inventory levels are keeping prices low. In Europe, TOPCon module prices rose by 1%, with sluggish demand and selloffs impacting the market. In the U.S., utility-scale TOPCon module prices remain stable at $0.285/W, with forward prices slightly higher due to anticipated demand ahead of potential changes to the ITC under the new Trump administration.

India has become the sixth-largest PV exporter

India has become the sixth-largest exporter of solar photovoltaic (PV) products, with its global market share increasing from 0.4% in 2013 to 2.51% in 2023. The value of India's solar PV exports surged significantly, rising from $200.8 million in 2013 to $1.83 billion in 2023, reflecting the country's growing prominence in the global renewable energy market.

India's Solar Module Exports Set to Rise by 2030

India's solar module manufacturing industry is set for a major transformation in the coming years. Despite growing domestic demand, the country's solar module exports are projected to increase significantly by 2030. A report by CRISIL highlights that the balance between exports and imports will improve substantially, driven by advancements in manufacturing capabilities and a surge in global demand for renewable energy solutions. This shift is expected to strengthen India's position as a key player in the global solar market.

India's Solar Module Capacity Reaches 63,027 MW

India's solar module manufacturing capacity under the Approved List of Models and Manufacturers (ALMM) has reached 63,027 MW. This includes the addition of 4,277 MW from a few companies. The Ministry of New and Renewable Energy (MNRE) also plans to expand the ALMM by including solar cells by 2026. The updated list emphasizes compliance with quality standards, including minimum efficiency criteria for different types of solar modules.

Top States for Utility-Scale Solar in India (2024)

As of 2024, the top five states driving utility-scale solar installations in India are Gujarat, Rajasthan, Karnataka, Madhya Pradesh, and Maharashtra, collectively accounting for 81% of the country’s total installations. Gujarat leads with 27% of the total capacity, followed closely by Rajasthan at 26.5%. These states are making significant strides despite challenges, including grid connectivity issues and delays in project implementation projects, hybrid solutions, and emerging technologies like floating solar fuel the growth in solar capacity.

Breakthrough in Bifacial Perovskite Solar Cells Achieves 26% Efficiency at 20° Tilt Angle

Researchers from IIT Bombay have demonstrated that bifacial perovskite solar cells can achieve a 2% higher power conversion efficiency when tilted at 20 degrees, reaching an overall efficiency of 26.46%. The study highlights the use of indium zinc oxide (IZO) as a transparent back contact and the synergistic effect of increasing rear-side albedo to 0.5, which boosts the bifaciality factor to 89.3%. These findings show that bifacial perovskite cells, which benefit from both front and rear-side illumination, are a promising technology for single-junction and tandem photovoltaic applications. The study was published in ACS Applied Materials & Interfaces.

Information Source: PV Magazine, Mercom, ET