New round of price increases for photovoltaic modules implemented; the proportion of high-power products will significantly increase.

Ask AI · Behind the Price Hikes of PV Modules: How High-Power Products Are Becoming the Market’s New Favorite

Under multiple factors, the prices of photovoltaic modules have seen a significant increase since late last year and early this year, with some manufacturers claiming the current price hikes have reached up to 50%. On the one hand, the surge in raw materials, mainly silver, has sharply increased module costs; on the other hand, the “anti-inflation” efforts previously failed to effectively address the module segment, leading to wider losses among module companies and stronger profit demands.

Notably, high-power and scenario-specific products command higher premiums compared to conventional modules. Multiple manufacturers have indicated that this will be a key area of focus 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 the shipment ratio of high-power products will reach 60% this year.

However, during interviews, it was found that even among top-tier manufacturers, opinions vary on the future trend of module prices and profit margins.

Cost Pressures Drive Module Price Increases

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

During the “anti-inflation” wave at the end of last year, silicon material prices in the upstream of the PV industry chain rose significantly, but downstream modules did not see obvious price increases—in fact, they were squeezed by upstream costs. “Modules are actually the part that was missing in the industry’s ‘anti-inflation’ process before; now it’s being addressed,” said a senior executive from a leading PV manufacturer.

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

A representative from JA Solar told us that the market prices of PV modules are influenced by multiple factors, including raw material costs, technological added value, and supply-demand dynamics. “The company will dynamically assess market conditions and take necessary pricing adjustments to ensure sustainable product and service quality.”

Tianhe Solar announced on February 25 its official guidance prices for distributed PV modules, with the 620W–650W mid-sized modules and 715W–745W large-sized modules both priced at 0.89–0.93 yuan/W. In contrast, the guidance prices for January 1 were 0.82–0.86 yuan/W, with an increase of about 8.1%–8.5% in the first two months of the year.

The rise in silver prices has undoubtedly been a major driver of this round of module price increases. An industry insider from a leading module manufacturer explained that mainstream industry technology heavily relies on silver. When silver prices are high, calculations show that silver accounts for over 50% of the cost of a single cell. Even with some retreat in silver prices now, considering the falling costs of upstream silicon materials and wafers, silver still makes up about half of the total cell cost.

Of course, this price increase is complex. Module prices are based on quotes from manufacturers, distributors, and actual transaction prices, covering domestic distributed and centralized projects as well as overseas markets. Feedback indicates that overseas prices have increased more noticeably.

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

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

High-Power and Scenario Products Are in Hot Demand

During interviews, it was learned that high-power, high-efficiency modules and scenario-specific products will be major highlights and focus areas for manufacturers this year. Data from 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 since March, JinkoSolar explained that the significant price increase is mainly due to the persistent demand for high-performance Tiger 3 modules, which are needed by distributed and ground power station clients. These modules’ high bifaciality and performance under low-light conditions help offset the volatility in LCOE (levelized cost of electricity) caused by price hikes. Additionally, applications in sectors like transportation, data centers, and petrochemicals are accelerating the adoption of Tiger 3 series, further boosting demand.

A representative from JA Solar said that high-power, high-efficiency modules have higher technological complexity, manufacturing costs, and performance, allowing for reasonable premium pricing. “As our advanced capacity scales up, we expect the market competitiveness and value recognition of these products to further strengthen,” they added. Their flagship product, DeepBlue 5.0, can reach a maximum power of 670W with a conversion efficiency of 24.8%.

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

In the China Huadian Group’s 2026 8GW procurement, the N-type high-efficiency segment accounts for 6GW, while the N-type conventional segment is only 2GW. The high-efficiency segment with over 23.8% efficiency makes up 75%. Bid prices for the first segment range from 0.820 to 0.925 yuan/W, and for the second segment from 0.770 to 0.893 yuan/W, indicating a premium for high-power modules.

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

Additionally, many manufacturers are launching scenario-specific products to capture premium opportunities. For example, Trina Solar announced its double-glass anti-dust modules, extreme weather modules suitable for high winds and extreme cold, anti-glare modules, and lightweight, thin modules, all priced higher than the previously mentioned mid- and large-sized modules.

At the Jinan PV Expo in early March, LONGi launched the Hi-MO X10 fire-resistant modules, with other manufacturers also following suit with fireproof products. A LONGi representative stated that their product matrix now covers various scenarios, including special fire-resistant, lightweight anti-dust, salt spray, humidity, water resistance, tear resistance, anti-glare, sound barriers, and colorful modules.

Diverging Opinions on Chain Reactions

The current price hikes in modules are not without concerns. Silver, a key material, has already seen some price correction, and upstream silicon materials and wafers have also declined to some extent, making it harder for downstream module price increases to be sustained. 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 firm InfoLink pointed out that the recent price increases have not led to a recovery in gross margins, and overall profitability remains low. In other words, this round of price adjustments is more driven by cost correction than by a genuine industry upturn.

They believe that terminal demand remains weak, with limited new orders and transaction volumes, and the market lacks clear growth momentum. Although prices are rising recently, the weak demand foundation makes sustained price increases unlikely.

However, a senior executive from a leading manufacturer told us that even if industry demand remains sluggish this year, module prices are unlikely to fall further because 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?”

The industry’s outlook is divided. Some feedback suggests that since module contracts are signed before production, similar to futures, continuous price increases may not be very favorable for companies. “The prices agreed upon are delayed relative to supply chain increases; by the time of production, costs have already risen. Only new or re-negotiated orders can help recoup some margins,” said one source.

Another manufacturer echoed similar views, noting that profitability in the first half of the year will remain difficult, but a real turnaround might occur in the second half. They also warned that current profits mainly come from emerging overseas markets; if markets in the Middle East, Africa, or Southeast Asia face issues, the outlook for module companies will darken further.

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, current internal review mechanisms mean overall price adjustment pace remains cautious, and frontline sales face 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 manufacturers increased production, leading to higher inventories, which could pressure prices in Q2. Industry analysts also expect that after the rebate “red envelope” is removed, some second- and third-tier small factories may exit the market.