Solar Panel Prices Down 30–40% In 2023, US Prices Down 15%

One of the interesting notes in the recently published US Solar Market Insight report is that the average global solar module price in the 3rd quarter of 2023 was down 30–40% from the average global solar module price in the 1st quarter of 2023. This is primarily due to supply–demand imbalances in China. The US market gets almost no solar panels from China due to tariffs and the Uyghur Forced Labor Prevention Act (UFLPA), with those Chinese solar panels accounting for just 0.1% of US solar module imports. Nonetheless, those global trends have had notable ripple effects on US solar module prices, which were down 15% in Q3 2023 compared to Q1 2023.