pv.index – August 2025

Module prices diverge, inverter competition sharpens, and sentiment stays muted

As summer draws to a close, Europe’s solar market remains in a holding pattern. August was marked by continued caution among buyers, stable overall demand, and small but telling price movements across modules and inverters. The PV Purchasing Managers’ Index (PV PMI) held at 65 – the lowest level since the indicator was introduced. All eyes are now on September and the expected rebound in activity as the installation season resumes in full force.

Solar panel prices show mixed signals

Module prices moved in different directions this month, underlining a market still influenced by uneven availability and selective procurement.

• Monofacial N-type modules rose by 1%, reaching an average of €0.096/Wp. The small uptick points to steady demand in premium segments.
  
• Monofacial P-type modules dropped sharply by 6%, sliding to €0.079/Wp. This reflects sustained price pressure for the technology in the phase-out stage, currently passing as value-oriented stock.
  
• Bifacial N-type modules continued to soften, falling by 2% to €0.097/Wp.
  

Full Black modules recorded the steepest decline, down 5% to €0.099/Wp, after a surge in July. This is a reflection of the overall drop in demand for residential installations across Europe, at least in some part driven by the holiday season.

Despite these movements, the brand rankings remained stable, with the same five manufacturers occupying the top positions:

Top 5 solar panel brands – August 2025

1. Jinko
   
2. LONGi
   
3. JA Solar
   
4. Trina
   
5. Aiko
   

“Summer marked a significant slowdown in purchases for residential projects, driving down prices of full black and p-type panels. Prices for N-type modules remained resilient owing to their higher versatility, as they are also the go-to solution in commercial & industrial installations” said Filip Kierzkowski, Head of Partnerships and Trading at sun.store.

Inverter market: string vs hybrid trends

Competition in the inverter segment remained intense in August, and the difference in price trends between residential and C&I segments is now very apparent. Since the beginning of the year, residential hybrid inverters have declined in value by >20%, whereas the price drop in the C&I segment has been less than 10%. Similarly, residential string inverters have shed almost 20% of their value since January, while pricing for C&I inverters has been relatively stable. 

• Hybrid inverters
  
  • Systems below 15 kW fell by 3%, averaging €99.52/kW.
    
  • Larger hybrid systems above 15 kW remained unchanged at €80.77/kW, suggesting price stabilization at higher capacities.
    
• String inverters
  
  • Units under 15 kW declined by 3%, landing at €46.91/kW.
    

Larger string systems above 15 kW edged up by 2% to €24.35/kW, reflecting firm demand in the commercial segment.

The inverter rankings remained largely consistent in August, though with subtle shifts that highlight ongoing competition. Huawei continues to dominate the string inverter category, securing the top spot for several months running. Its strong market share reflects both brand recognition and installer confidence in warranty support and delivery times. Sungrow and SMA follow closely, maintaining steady positions thanks to strong demand in commercial projects, while SolarEdge and Solis round out the top five — with Solis consolidating its presence among cost-sensitive buyers. 

In the hybrid inverter market, Deye retains a clear lead, benefiting from its balance of affordability and performance. Huawei climbs steadily in this category as well, strengthening its cross-segment presence, while GoodWe and Sungrow remain strong contenders for mid-sized residential and C&I systems. Fronius, though still in the top five, saw slightly reduced trading activity in August, reflecting ongoing supply limitations.

Together, these rankings underline a market where Huawei’s dual strength across both hybrid and string categories sets it apart, while other brands compete on availability, pricing, and feature sets to defend their positions.

Top 5 hybrid inverter brands — August 2025

1. Deye
   
2. Huawei
   
3. GoodWe
   
4. Sungrow
   
5. Fronius

Top 5 string inverter brands — August 2025

1. Huawei
   
2. Sungrow
   
3. SMA
   
4. SolarEdge
   
5. Solis

PV PMI: sentiment holds steady at 65

The PV PMI remained at 65 in August, matching July’s reading and confirming historically low sentiment. Out of 1,321 surveyed sun.store users:

• 46% plan to increase purchases
• 39% expect to keep procurement levels stable
• 15% anticipate reducing their buying
  

This static result suggests that installers and distributors are still in “wait-and-see” mode. Seasonality plays a big role, August traditionally slows down due to vacations and extreme temperatures across Europe, but structural factors like financing constraints and uncertainty over future pricing also contribute.“Summer is always a quieter period for our industry, but the difference this year is the depth of hesitation. Installers are preparing for autumn, holding back on major commitments until they see clearer price signals and stronger customer demand,” commented Krzysztof Rejek, VP of Sales at sun.store.

*Calculated as PMI = (P1 * 1) + (P2 * 0.5) + (P3 * 0) — where P1 is improvement, P2 no change, and P3 deterioration — this score highlights a market adapting to supply constraints while gearing up for peak installation season.

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Looking ahead: September as a turning point

With summer now behind us, the sector is bracing for renewed momentum in September. Procurement strategies are expected to become more active as project pipelines refill, though uncertainty around upstream supply dynamics still looms.

If Chinese production adjustments and policy shifts influence polysilicon and wafer pricing in Q4, Europe could see renewed upward pressure on component costs. For now, however, the market remains characterized by competitive pricing, careful inventory management, and cautious optimism for the months ahead.