This week, module prices have increased. For ground-mounted power plants, the price for TOPCon 210mm bifacial modules is RMB 0.715/W, for TOPCon rectangular bifacial modules it is RMB 0.710/W, and for HJT rectangular bifacial modules it is RMB 0.750/W.
On the demand side, there is a “rush to export” overseas due to the impact of the policy window (the export tax rebate will be canceled from April 1st), leading to a significant increase in overseas orders. Domestic demand is slowing down, as end-users have low acceptance of high module prices, and the visibility of new orders is low.
Regarding costs, the price of silver has surged by over 150% within the year, causing the proportion of silver paste in module costs to rise from 17% to approximately 30%. This has increased the cost of cell production by at least RMB 0.16 per watt, which is directly passed on to the module end.
In terms of pricing, China has announced the cancellation of the VAT export rebate for photovoltaic products effective April 1, 2026. To benefit from the final rebate policy, overseas customers have accelerated their orders, while domestic companies are ramping up production and shipments. This has led to tight short-term supply and demand, driving prices up. Additionally, the sharp rise in silver prices has significantly increased the production costs of photovoltaic cells. Some leading companies have raised their product guidance prices due to cost pressures. In the short term, module prices are expected to remain high and volatile, with a tendency to rise rather than fall, though the momentum for further substantial increases may weaken.
Post time: Feb-25-2026