Prices for solar panels reached a new low this week, says Leen van Bellen, business development manager Europe for Search4Solar, a European purchasing and sales platform for solar products. He tells pv magazine that prices will remain low in the short term.
Search4Solara European platform for buying and selling solar panels, inverters and batteries, this week received a record low PV module price of €0.055 ($0.058)/W.
“This is the first time that the threshold of €0.06/W has been exceeded.” Leen Van Bellen, business development manager Europe at Search4Solar explains pv magazine. “This is it a great opportunity for companies and installers who want to invest in sustainable energy. For our customers, this means they can now purchase high-quality solar panels at the lowest price ever and achieve their sustainability goals at a lower cost.”
Van Bellen said the recent price drops have shifted from small, gradual steps to larger reductions.
“We see that suppliers are keen to reduce their inventories, which has led to extremely competitive prices. Whoever cuts prices first creates an impulse to buy, giving you an edge over the rest,” he said. “However, this means that manufacturers have to go even lower to become competitive again. When inventory is drastically reduced, a better balance between supply and demand is restored.”
Search4Solar said several factors – including high production rates, improved supply chain efficiency and increasing market competition – have caused this price drop. Suppliers have responded by cutting prices to meet demand and balance their inventory.
Exceeding the €0.06/W threshold may indicate that solar panel prices on the European market have reached their lowest point.
“This is the low point in the EU,” said Van Bellen. “The next step could be returning the products to China or selling them in Africa.”
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