Solar module prices up a penny in 2025 as market absorbs tariffs

Solar module prices in the United States rose for the first time since summer, according to an Anza report, driven by tariff adjustments and uncertainty over ongoing patent litigation. While prices have since stabilized, module type, cell origin, and geopolitical factors continue to shape the market.

March 31, 2025 John Fitzgerald Weaver

A PERC solar module.

pv magazine: Dave Tacon

The U.S. solar module market saw a 4% increase in December, up by $0.01 per watt to $0.26 per watt, the first uptick since summer. The market has stabilized at that level, according to Anza’s Q1 2025 Solar Module Pricing Insights report.

Anza suggested the December-to-January price increase reflected market recalibration in response to tariff impacts. By February, buyers appeared to have a clearer understanding of where potential tariffs under a future Trump administration might focus, allowing prices to settle.

Globally, module pricing in China has seen a slight increase. While modules manufactured in China do not enter the U.S. market directly, these price shifts may have downstream effects on global supply chains.

Module pricing continues to evolve based on technology type. The most notable shift has been in heterojunction modules, which have declined in price from $0.38 per watt in July to $0.34 per watt in February — nearly a 10% drop, including a 2.9% decrease since November.

Anza notes that HJT manufacturers appear to be testing price elasticity while promoting the technology’s higher efficiency, lower temperature coefficients and improved cold-weather performance — features they hope will justify a premium.

Meanwhile, TOPCon module prices have held around $0.26 per watt since November. Although the technology previously commanded a premium due to its performance, recent patent litigation among Tier-1 suppliers has clouded the outlook. Anza reports that although concerns over retroactive fines and disrupted supply have emerged, most buyers view the risk as low and continue to value TOPCon’s performance.

However little, the litigation pressures and political uncertainty are nudging some buyers toward less efficient — but more affordable a — Mono PERC modules. These modules have seen a 4.2% price increase since November, reaching $0.25 per watt. Anza reports that its market share has grown as buyers hedge against supply risks and seek pricing stability.

Section 201 import tariffs are now fully baked into the market, according to Anza.

Modules using cells from Cambodia, Malaysia, Thailand and Vietnam — countries affected by the policy — saw a 7.7% price increase from November into December. While those prices have since eased slightly, they remain elevated. In contrast, modules using non-Southeast Asian cells fell 0.8% during the same period, reflecting more competitive pricing.

Anza compiled it’s data from 35 module vendors, representing 95% of the market for its report.

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