Photovoltaic Module Price Increase Lands; High-Power Product Proportion to Rise Significantly

Securities Times Reporter Liu Canbang

Under the influence of multiple factors, since the end of last year and the beginning of this year, the prices of photovoltaic modules have experienced a significant increase, with some manufacturers claiming that the current price hike has reached up to 50%. Behind the price increase, on one hand, the sharp rise in raw materials, mainly silver, has significantly driven up module costs; on the other hand, the previous “anti-involution” efforts did not effectively target the module segment, leading to expanded losses for module companies and a stronger profit demand.

It is worth noting that, since high-power and scenario-specific products enjoy higher premiums compared to conventional modules, many manufacturers have identified this as a key area to focus on this year. In China Huadian Group’s 8GW module centralized procurement, high-power products account for 75%. Some leading manufacturers have also explicitly stated that this year, the shipment share of high-power products will reach 60%.

However, during interviews, it was found that even among top-tier manufacturers, there are still some differences in opinions regarding the future trend of module prices and profit margins.

Cost pressures driving module price increases

JinkoSolar information shows that since March, the company has implemented a price increase plan for products over 650W, including the Tiger 3 and other scenario-specific special process products, with an average increase of about 30%–40% from previous lows, reaching up to 50%. JinkoSolar revealed that this medium- to long-term pricing adjustment policy fully reflects the rising production costs caused by continuous raw material price increases and increased capital expenditures.

During the “anti-involution” wave at the end of last year, silicon material prices in the upstream of the photovoltaic industry chain rose significantly, but downstream modules did not see obvious price increases, instead being squeezed by upstream costs. “Modules are actually a segment that was missing in the previous ‘anti-involution’ process in the industry. Now it’s being added back,” said a senior executive from a leading photovoltaic manufacturer.

In response, many module suppliers told reporters that since late last year, module prices have been gradually rising.

A person from JA Solar told reporters that the market prices of photovoltaic modules are influenced by multiple factors, including raw material costs, technological added value, and supply-demand relationships. “The company will dynamically assess market conditions and take necessary measures to adjust prices in a timely manner to ensure sustainable product and service quality.”

Trina Solar announced on February 25 this year the official guide prices for distributed photovoltaic modules, with mid-sized modules (620W–650W) and large-sized modules (715W–745W) reaching guidance prices of 0.89–0.93 yuan/W, compared to 0.82–0.86 yuan/W on January 1. The price increase over the first two months of the year was about 8.1%–8.5%.

Undoubtedly, the rise in silver prices has been a major driver of this round of module price increases. A senior executive from a leading module manufacturer told reporters that the industry’s mainstream technology heavily relies on silver. When silver prices were high, calculations showed that the cost of silver in a single cell accounted for over 50%. Even with some retreat in silver prices now, considering the falling prices of upstream silicon materials and wafers, silver still accounts for about half of the total cell cost.

Of course, this round of price increases is very complex. Module prices come from quotes by manufacturers, distributors, and actual transaction prices. There are prices for domestic distributed and centralized projects, as well as overseas markets. Feedback from interviewees indicates that prices overseas have increased more noticeably.

In China, some small enterprises and small channels are offloading inventory, leading to some lower quotes. The increase in centralized procurement prices mainly depends on when the major power grid companies will initiate procurement tenders. Since tendering times are irregular, the current reflected prices in procurement transactions have not increased significantly. “The fact that top-tier companies are raising prices is a good sign. It would be even better if downstream bidding prices also rise to support this,” said a manufacturer.

Another senior executive from a leading manufacturer said that as an industry leader, the company will leverage its market and technological advantages to actively guide market prices into a reasonable range. They will also explain to the market that the cancellation of tax rebates, combined with progress in the industry’s “anti-involution” efforts, will help consolidate expectations of stable or rising module prices throughout the year.

High-power and scenario-specific products are favored

During interviews, it was learned that high-power, high-efficiency modules and scenario-specific products will be major highlights and main focus areas for manufacturers this year. Data provided by a leading manufacturer shows that, overall, high-power modules can command a premium of 1–2 cents per watt over conventional modules.

Regarding the price adjustments starting in March, JinkoSolar stated that the significant price increase was driven by the persistent demand for high-performance Tiger 3 modules, which are used by distributed and ground station customers. These modules rely on high bifaciality, excellent low-light performance, and overall power gains to offset the volatility caused by rising costs and LCOE (levelized cost of electricity). Additionally, the rapid adoption of photovoltaic applications in sectors like transportation, data centers, and petrochemicals has also boosted demand for the Tiger 3 series.

A person from JA Solar told reporters that high-power, high-efficiency modules have higher technological complexity, manufacturing costs, and performance, allowing for reasonable premiums in terminal prices. “As our advanced capacity is scaled up, the market competitiveness and value recognition of our products are expected to further strengthen,” they said. The new flagship product, DeepBlue 5.0, has a maximum power of 670W and a conversion efficiency of 24.8%.

Overall, the current high-power module market is mainly characterized by competition between the latest generation of TOPCon (tunneling oxide passivated contact) technology products and BC (back contact) technology products. A BC module manufacturer told reporters that BC modules have always carried a certain premium, with prices generally above 0.9 yuan/W, and new high-power modules of 670W exceeding 1 yuan/W.

Notably, in China Huadian Group’s 2026 8GW module centralized procurement, the first lot of N-type high-efficiency modules (6GW) and the second lot of N-type conventional modules (2GW) are planned. The high-efficiency lot with over 23.8% efficiency accounts for 75%. Bid prices for the first lot ranged from 0.820 to 0.925 yuan/W, and for the second lot from 0.770 to 0.893 yuan/W, indicating a certain premium for high-power modules.

As JinkoSolar noted in its research, high-power modules are a key future development trend in the industry, accelerating the clearance of outdated capacity and guiding the industry toward high-quality growth. This is also a key reason why leading manufacturers are betting heavily on high-power products.

In addition, many manufacturers are launching scenario-specific products to seize premium pricing opportunities. For example, Trina Solar announced specialized products such as double-glass anti-dust modules, extreme weather modules for strong winds and extreme cold, anti-glare modules, and lightweight thin modules, with guide prices higher than those of the previously mentioned mid-sized and large-sized modules.

At the Jinan PV exhibition in early March, LONGi Green Energy launched the Hi-MO X10 fire-resistant modules, and other manufacturers followed with fireproof products. A LONGi representative stated that from specialized fire-resistant modules to lightweight anti-dust, salt spray, heat, water resistance, tear resistance, anti-glare, sound barriers, and colorful modules, the company aims to cover various scenario needs with a rich product matrix.

Disparities in the ripple effects remain

This round of module price increases is not without concerns. Currently, silver prices, a key material for PV modules, have declined, and upstream silicon materials and wafers have also experienced some price drops. This makes the price increase downstream more difficult to sustain. Moreover, industry forecasts suggest that domestic PV demand may decline for the first time in recent years, weakening the atmosphere for price hikes.

Industry consultancy InfoLink pointed out that the current price rise has not led to a recovery in gross margins, and overall profitability remains low. In other words, this price adjustment is more of a cost correction rather than a sign of industry-wide recovery.

The firm believes that terminal demand remains weak, with limited new orders and transaction volumes. The market lacks clear incremental momentum. Although recent prices have shown upward signs, the weak demand foundation makes sustained price increases unlikely.

However, a senior executive from a top-tier manufacturer told reporters that even if industry demand remains poor this year, module prices are unlikely to continue falling, as companies are still seeking profits and may continue to raise prices. “This year’s logic is different from previous years—it’s not that lower prices boost demand. Since the demand is there, why are we still competing on price?”

During interviews, industry participants expressed clear differences in outlook. For example, some noted that module contracts are signed before production, similar to futures, and sustained price increases may not be favorable for companies. “The prices agreed upon are delayed relative to supply chain increases. By the time of production, supply chain costs have already risen. Unless new orders are signed later or prices are renegotiated, profits can be somewhat offset.”

Another manufacturer also shared similar views, mentioning that the benefits for module companies in the first half of the year will still be limited, but a real turnaround might occur in the second half. However, they warned that current profits mainly come from emerging overseas markets, and if markets like the Middle East, Africa, or Southeast Asia face issues, the outlook for module companies will be further darkened.

InfoLink’s observations show that recent market feedback is increasingly polarized. Due to stricter internal management and profit assessments, manufacturers are tightening pricing strategies, with approval for low-price orders becoming more cautious. Although some companies intend to raise prices, the overall pace of price adjustments remains cautious under current internal review mechanisms, with frontline sales under pressure, intensifying market competition.

Furthermore, with the official cancellation of export tax rebates starting April 1 as a pilot, many respondents mentioned potential impacts. To boost exports in Q1, some module manufacturers increased production, leading to higher inventories, which could impact prices in Q2. Industry estimates suggest that after the rebate “red envelope” is removed, some second- and third-tier small factories may exit the market.