Price Increase Landing: High-Power Product Share to Rise Significantly

Securities Times Reporter Liu Canbang

Under the influence of multiple factors, since the end of last year and the beginning of this year, the prices of photovoltaic modules have experienced a significant increase, with some manufacturers claiming that the current price hike has reached up to 50%. Behind the price increase, on one hand, the sharp rise in raw materials, mainly silver, has greatly increased module costs; on the other hand, the previous “anti-inflation” efforts did not effectively target the module segment, leading to expanded losses for module companies and a stronger profit demand.

It is worth noting that high-power and scenario-based products enjoy higher premiums compared to conventional modules. According to information from multiple manufacturers, 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 this year, the shipment share of high-power products will reach 60%.

However, during interviews, it was found that even among top-tier manufacturers, there are still some differences in opinions regarding the price trend and profit margins of modules this year.

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 Feihu 3 and other scenario-specific special process modules, with an average increase of about 30%–40% from previous lows, reaching up to 50%. JinkoSolar revealed that this medium- to long-term pricing adjustment 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 photovoltaic industry chain rose significantly, but downstream modules did not see obvious price increases and were instead squeezed by upstream costs. “Modules are actually a part that was missing in the previous ‘anti-inflation’ process of the industry. Now it has been added back,” said a senior executive from a leading PV manufacturer.

In response, the reporter contacted several module suppliers, who generally responded that since late last year, module prices have been rising slowly.

A person from JA Solar told the reporter that the market prices of PV modules are affected by multiple factors including raw material costs, technological added value, and supply-demand relationships. “The company will dynamically evaluate market conditions and take necessary pricing adjustments in a timely manner to ensure the sustainable quality of products and services.”

Tianhe Solar released official guidance prices for distributed PV modules on February 25 this year. The guidance prices for mid-sized modules with power of 620W–650W and large-sized modules with power of 715W–745W reached 0.89–0.93 yuan/W, compared to 0.82–0.86 yuan/W on January 1. The price increase over the past two months was about 8.1%–8.5%.

The rise in silver prices is undoubtedly a major driver of this round of module price increases. An industry insider from a leading module manufacturer told the reporter that mainstream industry technology heavily relies on silver. When silver prices were high, calculations showed that the cost of silver in a single cell accounted for over 50%. Even with some retreat in silver prices now, considering that upstream silicon materials and wafers are also decreasing in price, silver still accounts for about half of the total cell cost.

Of course, this round of price increases is very complex. The sources of module prices include manufacturer quotes, distributor quotes, and actual transaction prices. There are also domestic distributed and centralized project quotes, as well as overseas market quotes. Respondents indicated that overseas prices have increased more noticeably.

In China, some small enterprises and small channels are offloading inventory, leading to some lower quotes. The increase in centralized procurement prices mainly depends on when the major power grid companies will initiate procurement tenders. Since tendering times are irregular, the current reflected increase in procurement transaction prices is not significant. “The fact that top-tier companies are raising prices is a good sign. It would be even better if downstream bidding prices also rise to support it,” said a manufacturer.

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

High-power and scenario-based products are favored

During interviews, it was learned that high-power, high-efficiency modules and scenario-specific products will be a major highlight and focus for manufacturers this year. Data provided by 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 starting in March, JinkoSolar said that the significant price increase is due to the continued strong demand for high-performance Feihu 3 modules, which are used by distributed and ground power station customers. These modules rely on high bifaciality, excellent low-light performance, and overall power gains to offset the fluctuations in LCOE (levelized cost of electricity) caused by price increases. Additionally, the rapid adoption of PV applications in sectors like transportation, data centers, and petrochemicals has also driven demand for the Feihu 3 series.

A person from JA Solar told the reporter that high-power, high-efficiency modules have higher technological complexity, manufacturing costs, and outstanding performance, allowing for reasonable premiums in terminal prices. “As our advanced capacity is scaled up, the market competitiveness and value recognition of these products are expected to be further strengthened,” they said. The new flagship product, DeepBlue 5.0, has a maximum power of 670W and a conversion efficiency of 24.8%.

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

The reporter noted that in China Huadian Group’s 2026 8GW module centralized procurement, the first lot of N-type high-efficiency modules accounts for 6GW, while the second lot of N-type conventional modules is only 2GW. Modules with efficiency above 23.8% in the high-power segment account for 75%. Bid prices for the first lot ranged from 0.820 to 0.925 yuan/W, and for the second lot from 0.770 to 0.893 yuan/W, indicating a certain premium for high-power modules.

As JinkoSolar stated in its research, high-power modules are the future development trend of the industry. They will accelerate the clearance of outdated capacity and guide the industry toward high-quality development. This is also a key reason why top-tier manufacturers are betting heavily on high-power products.

In addition, many manufacturers are launching scenario-specific products to seize premium opportunities. For example, Trina Solar announced its Hi-MO X10 fire-resistant modules, and other manufacturers are also developing fireproof products. A Trina representative said that from special fireproof modules to lightweight, dust-resistant, salt spray, and humid heat-resistant products, the company aims to cover various scenario needs with a rich product matrix.

At the Jinan PV Exhibition in early March, LONGi Green Energy launched the Hi-MO X10 fire-resistant modules, and other manufacturers followed suit. A LONGi executive stated that their product range includes special fireproof modules, lightweight dust-resistant modules, salt spray and humid heat-resistant modules, anti-tear water modules, anti-glare, sound barriers, and colorful modules, to meet diverse scenario demands.

Divergence in industry outlook persists

The current price hike of modules is not without concerns. Although silver, a key material for PV modules, has retreated somewhat, and upstream silicon materials and wafers have also fallen in price, the downstream module price increase is becoming more difficult to sustain. Moreover, industry forecasts suggest that domestic PV demand may decline for the first time in recent years, weakening the atmosphere for price increases.

Industry consultancy InfoLink pointed out that the current rise in module prices has not led to a recovery in corporate gross margins, and overall profitability remains low. In other words, this price adjustment is more driven by cost correction rather than a sign of industry prosperity.

The agency believes that terminal demand remains weak, with limited new orders and transaction volumes, and the market lacks clear incremental momentum. Although recent prices have shown upward signs, the weak demand foundation makes sustained price increases unlikely.

However, a senior executive from a top-tier manufacturer told the reporter that even if industry demand remains poor this year, module prices are unlikely to continue falling, as 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 mean higher demand. Since the market demand is still there, why are we still competing on price?”

The reporter sensed clear differences in industry outlooks. For example, some feedback indicated that since module contracts are signed before production, similar to futures, continuous price increases are not very favorable for companies. “The prices agreed upon are delayed relative to supply chain increases. By the time production starts, the supply chain has already risen, unless the orders are signed later or re-negotiated, which can recover some profit.”

Another manufacturer also shared similar views. They mentioned that the benefits for module manufacturers in the first half of the year are still limited, but a real turnaround might occur in the second half. However, they warned that current profits mainly come from emerging overseas markets, and if markets like the Middle East, Africa, or Southeast Asia face issues, the outlook for module companies will further darken.

InfoLink’s observations show that recent market feedback is increasingly polarized. Due to stricter internal management and profit assessment, manufacturers are tightening pricing strategies, with approval for low-price orders becoming more stringent. Although some companies intend to raise prices, the overall pace remains cautious under current internal review mechanisms, 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 the first quarter, some module manufacturers increased production, leading to higher inventories, which could impact prices in the second quarter. Industry estimates suggest that after the rebate “red envelope” is removed, some second- and third-tier small factories may exit the market.