US Solar Module Prices Hold At $0.28/W While Global Markets Plummet

Despite market fluctuations throughout the year, US solar module prices have stabilized at $0.28 per watt through November 2025. The industry has found its footing after a roller coaster of pricing, with median distributed generation list prices holding steady since September. It’s almost boring how consistent things have been lately. Almost.

This stability follows a wild ride for the sector. Prices bottomed out at a near-record low of $0.25/W in early 2025 before climbing back up. Q3 brought a noticeable surge, with median prices jumping 3.7% from June to August. Thank the September 2 safe harbor deadline for that little spike—nothing like a tax credit cutoff to make everyone panic-buy solar modules.

Technology differences still matter in pricing. TOPCon modules have remained at $0.26/W during the reference period, while Mono PERC modules shot up 10% during the safe harbor rush. HJT modules continue commanding premium prices at $0.39/W despite a slight 2.9% decrease recently. Limited supply keeps those prices lofty. This comes as solar capacity in the U.S. reached an impressive 220 gigawatts in 2024, now providing 7% of electricity nationwide.

Cell pricing tells its own story. US-made cells haven’t budged from $0.45/W since September, while imported cells assembled stateside have crept above $0.35/W. Cells from Asian markets like Malaysia and Vietnam hover around $0.305/W, while South Korean and German options dropped 8.8% to $0.31/W. Many buyers are diversifying solar cell sources to mitigate risks associated with geopolitical trade tensions.

The pricing stability comes amid significant policy uncertainty. Trump tariff announcements recalibrated prices in late 2024, and Section 232 compliance decisions loom over the November market. FEOC restrictions continue blocking Chinese-affiliated projects from tax credits—a fact that’s reshaping industry dynamics. Analysts warn that current price stability may be temporarily maintained until the government provides final guidance on Section 232 compliance requirements.

Anza data from over 35 module vendors suggests the US is building domestic capacity, with module suppliers expected to increase from 9 to 13 by H1 2028. Cell suppliers should follow a similar trajectory. For now though, $0.28/W seems to be solar’s sweet spot. Let’s see how long that lasts.