Solar modules now selling for less than €0.06/W in Europe

2024 . 11 . 14

Solar module prices reached a new low this week, says Leen van Bellen, business development manager Europe for Search4Solar, a European purchasing and selling platform for solar products. He tells pv magazine that prices will remain low in the short term.

Search4Solar, a European platform for buying and selling solar panels, inverters, and batteries, received a record-low PV module price this week at €0.055 ($0.058)/W.

“This is the first time the €0.06/W threshold was surpassed,” Leen Van Bellen, business development manager Europe at Search4Solar told pv magazine. “This is a significant opportunity for businesses and installers looking to invest in sustainable energy. For our customers, this means they can now purchase high-quality solar panels at the lowest price ever and achieve their sustainability goals with reduced costs.”

Van Bellen said recent price drops have shifted from small, gradual steps to larger reductions.

“We see suppliers eager to reduce their stock, which has led to extremely competitive pricing. The one who lowers the prices first creates an impulse to buy, which puts you ahead of the rest,” he stated. “This means, however, that manufacturers have to go down even lower to become competitive again. When stock will be drastically reduced, there will again be a better balance between offer and demand.”

Search4Solar said several factors – including high production rates, improved supply chain efficiency, and rising market competition – have driven this price drop. Suppliers have responded by lowering prices to meet demand and balance their inventory.

Surpassing the €0.06/W threshold may indicate that solar module prices in the European market have hit their lowest point.

“This is the bottom in the EU,” Van Bellen said. “The next step could be shipping back the products to China or selling them in Africa.”

Search4Solar said it expects prices to remain low in the short term, but supply and demand could quickly affect this trend.

“Customers looking to benefit from this offer are encouraged to act swiftly. With prices at a historic low, now is the ideal time to invest in solar energy,” said van Bellen. “These prices present a rare opportunity for installers and project developers to save on costs while making sustainable energy more accessible to their customers.”