This has driven up prices for n-type monofacial solar panels and n-type bifacial solar panels as buyers continue to favor the brands of top manufacturers. Both monofacial and bifacial n-type module prices rose to €0.105/Wp ($0.119/Wp), up 5% and 12% from the previous month, respectively, when prices were essentially flat or slightly down.
However, the price increase for n-type monofacial or bifacial modules is still lower than the peak of the past 12 months, when the average price of bifacial n-type modules approached €0.14/Wp in May 2024.
Prices for all-black solar panels also rose slightly, rising 3% to €0.096/Wp between March and April. Overall, the tight supply of solar modules in Europe is partly due to China's recent shift from a feed-in tariff policy to market-based pricing. According to sun.store, this policy change prompted Chinese solar manufacturers to shift module production to the domestic market, resulting in a temporary shortage of module deliveries in Europe.
Filip Kierzkowski, Head of Partnerships and Trading at sun.store, said: "The April data reflects the current market reality. We see a clear trend of limited supply of the most popular module brands. Producers and distributors holding these products are taking advantage of the situation and pushing up prices. At the same time, inverter stocks are ample and prices remain stable - in stark contrast to the tight supply in the module market."
Furthermore, as module prices rise, PV inverters are moving in the opposite direction. Sun.store said that inverter prices continue to fall steadily, supported by "ample inventory levels".
Weak demand in the residential and small commercial and industrial (C&I) sectors, as well as ample inventory levels, caused PV inverter prices to fall slightly in April. Prices of hybrid inverters less than 15kW and greater than 15kW both fell by 2% in April, to 112.32 EUR/kW and 86.58 EUR/kW, respectively.
The price of grid-tied inverters smaller than 15kW fell by 3% from the previous month to 51.65 EUR/kW, while the price of grid-tied inverters above 15kW remained stable at 24.37 EUR/kW. According to sun.store, the stable prices of on grid inverters above 15kW indicate that the downward trend for large systems is pausing.
Supply constrained, buyers cautious
Sun.store also publishes the Purchasing Managers Index (PMI), which depicts the module purchasing intentions of more than 950 buyers registered in its database. The PMI rating remained unchanged at 70 in April, "a middling result compared to recent readings," the report said, adding that this reflects the cautious tone of buyer confidence amid supply constraints.
Nevertheless, the majority of respondents (52%) said they intend to increase purchases in the next month, while 36% will maintain current levels and only 12% plan to buy fewer modules. The last figure has remained constant throughout 2025 so far.
"As summer approaches, the market's ability to maintain confidence while coping with supply shortages will determine how the third quarter develops," the report concluded.
