Solar PV Module Cost
solar-irena-v2026.03
$0.179
USD per Watt-peak
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Import vs Domestic: Which Sourcing Strategy?
Compare importing wafers, cells, or modules from China vs full domestic manufacturing
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What's Inside a Solar Panel?
Explore layers, materials, supply chain & interactive cost calculator
Cost Outlook
Medium confidence
RisingExpected lag: 3-6 weeks
IRENA Model
$0.179
$/Wp
Nowcast
$0.179
+0.4%
30-Day Est.
$0.179
+0.4%
Top Drivers
Silver4.8% of cost
+7.5%2-4 weeks
Aluminum5.3% of cost
+1.4%4-9 weeks
Steel1.4% of cost
+5.3%4-13 weeks
Estimate based on 5-day material price trends and IRENA pass-through assumptions. Not a price guarantee.
Key Stats
Model
solar-irena-v2026.03
Live coverage
50% live
System cost
$0.179/Wp
Reference
50% reference
Cost History & Outlook
Modeled benchmark history for the selected country and technology. Future roadmap points are shown as a dashed line.
0.179 $/Wp
0.0% vs 2025
Historical benchmark
Predicted / roadmap
Solid line shows modeled benchmark history up to the selected year. Dashed line shows roadmap or forecast points beyond the selected year.
Conversion Index
Finished cost divided by the raw-material basket. Higher values imply more conversion cost, overhead, logistics, or margin layered on top of materials.
3.7x
finished cost / base cost
Raw material basket
$0.048 /Wp
Finished Cost
$0.179 /Wp
Conversion layer
$0.131 /Wp
Base Share
26.9%
Biggest driver: Solar Glass - Module front cover glass ($0.012 /Wp)
50% live · 50% reference
Cost Waterfall
Country Comparison
TOPCON · 2025 · 6 countries
Polysilicon
Wafer
Cell
Module
VietnamVN
$0.179+6.8%
+$0.0114/Wp vs China
ChinaCNLowest
$0.167
IndiaIN
$0.180+7.5%
+$0.0125/Wp vs China
GermanyDE
$0.257+53.9%
+$0.0901/Wp vs China
United StatesUS
$0.249+48.8%
+$0.0816/Wp vs China
AustraliaAU
$0.253+51.2%
+$0.0856/Wp vs China
Cheapest: China at $0.167/Wp · Spread: $0.090/Wp
Stage Breakdown
polysilicon12.4%
$0.0222
materials$0.0061
electricity$0.0059
equipment$0.0032
profit$0.0027
overheads$0.0018
wafer23.4%
$0.0418
materials$0.0150
electricity$0.0065
equipment$0.0057
profit$0.0050
overheads$0.0033
cell18.8%
$0.0335
materials$0.0098
equipment$0.0070
profit$0.0040
electricity$0.0039
overheads$0.0027
module45.4%
$0.0811
materials$0.0570
profit$0.0097
overheads$0.0065
equipment$0.0026
labour$0.0024
Material Breakdown
26.9% of system cost| Material | Price | $/Wp | Share | +10% | |
|---|---|---|---|---|---|
| SiO2 Solar Glass Module front cover glass | $0.8000 | $0.0120 | 6.7% | +$0.00120 | |
| Al Aluminum Module frame | $1.60 | $0.0095 | 5.3% | +$0.00095 | |
| Ag Silver Cell metallization paste | $85.67 | $0.0085 | 4.8% | +$0.00085 | |
| EVA EVA Encapsulant Cell encapsulant film | $1.85 | $0.0080 | 4.5% | +$0.00080 | |
| Si Silicon Metal Polysilicon feedstock | $1.70 | $0.0060 | 3.4% | +$0.00060 | |
| Fe Steel (HRC) Mounting racking | $1,133 | $0.0025 | 1.4% | +$0.00025 | |
| Cu Copper Cell interconnects, wiring | $6.54 | $0.0012 | 0.7% | +$0.00012 | |
| Sn Tin Solder for cell connections | $22.73 | $0.0003 | 0.2% | +$0.00003 | |
| Total Materials | $0.0480 | 26.9% | |||