The PV Module Price Index tracks wholesale pricing and supply of crystalline-silicon modules that have fallen out of traditional distribution channels, and as a result are listed for resale on the EnergyBin exchange.
For the fourth year, the price index findings shed light on the importance of a robust and sustainable secondary solar market to extend the life of PV assets, maximize asset recovery, and minimize solar waste. The value of the secondary market increases as reuse of the PV modules not yet at end-of-life becomes mainstream and those modules that are at end-of-life are responsibly recycled.
This year’s price index has been reclassified from past years’ indices to match solar panel technology types available for sale in today’s global market. Each primary category – All Black, Bifacial, and Monofacial – include weighted average prices for P-Type, N-Type (when available), and combined. Data was taken from resale listings of modules located within the U.S. market and which are ready to ship.
For historical secondary market PV module pricing from 2020 through 2023, download the 2023 PV Module Price Index from EnergyBin’s Resources portal.
Overall, the price index shows that new PV modules don’t tend to lose resale value in the U.S. secondary market unless their technology is older, such as Legacy POLY modules. Rather, prices rise and fall because of market conditions that also affect the primary market, product availability within the secondary market for any given month, and brand name as well as where modules were made and/or assembled.
The third indicator mentioned is particularly true of All Black modules. Prices jumped each time “Made in America” modules, whether P-Type or N-Type, were introduced into the mix. For example, N-Type modules by REC listed for resale in May and July pushed up weighted average prices to $0.411 and $0.460 respectively. P-Type modules in September increased to $0.311 as modules by Sirius PV, Solar4America, and Panasonic were remarketed.
The same price increase was present in P-Type Bifacials for the month of December. The weighted average price was $0.286. However, prices on EnergyBin ranged from $0.140 (Vikram Solar) to $0.360 (QCells). These are prime examples of the fluctuations within of the secondary market with respect to pricing and availability.
Such price fluctuations put pressure on wholesale sellers to do their research and practice transparency by listing prices online. The market is competitive, and today’s buyers are price sensitive. Listing pricing that is higher than competitors’ pricing or not listing prices at all will likely result in lost sales.
Meanwhile, wholesale buyers need to do their research as well by requesting hardware quotes from multiple suppliers. Additionally, buyers should consider a variety of module brands and technologies. All Black modules may cost more than Bifacial modules or vice versa. For example, in November, the average All Black price was $0.251; yet the average Bifacial price was $0.205. Depending on the size of the project, the 5-cent per watt difference could be significant.
Secondary market supply in the U.S. tends to ebb and flow due to market conditions. What’s clear from the index is that secondary market supply will continue to largely consist of excess modules that are new with warranty. In 2024, 95% of the inventory for resale was excess stock that flowed from surplus and clearance closeouts, remarketing efforts, delayed, downsized, or cancelled projects, asset liquidations, and leftovers from project installations.
2024 was the first year that Thin Film modules appeared for resale on EnergyBin. However, they weren’t included in the price index because they only made up 1% of total modules for resale. Legacy POLY modules also remained at 1% of overall modules for resale.
At this stage in module evolution, it would be easier to find refurbished POLY modules rather than new. But sourcing secondhand POLY modules may also prove difficult as Used modules only comprised 5% of the total modules for resale. Both module categories took a downturn when new module prices fell at a rapid pace last year. As buyers opted to upgrade their PV systems, decommissioned modules were disposed of – either landfilled or recycled – rather than refurbished. The cost to refurbish would have pushed their prices above that of new, higher efficiency modules.
With respect to module supply volume, quarters two and four saw the greatest uptick in resale listings. The rise in Q2 was likely due to the anticipation of the extension and increase of Section 301 tariffs and the termination of the two-year tariff exemption on imports from Southeast Asia in June. Additionally, the distribution among module categories shifted mid-year when All Black and Bifacials eclipsed Monofacials.
Some level of seasonality exists as well. Looking at data from 2020 through 2024, module supply tends to increase in Q4. The primary reason behind this trend is year-end inventory clearance as sellers seek to free up warehouse space for new shipments with delivery dates in quarters one and two. In last year’s case, sellers made a big attempt to off-load Mono PERC modules to make room for more N-Type and Bifacial modules in 2025.
Mono PERC modules are losing market share both in the primary and secondary markets. On EnergyBin, the volume of PERC modules decreased from 2023 through 2024 as modules with other cell types were posted for resale. For example, PERC made up just 41% of Monofacials, 44% of All Black modules, and 49% of Bifacials. Overall, PERC modules for resale on the exchange decreased 20% from 2023 (where PERC comprised a 63% share) through 2024 (now 43% of total volume).
If this downward trend continues, new PERC supply in the secondary market will dry up within 2-3 years. However, used PERC modules may become more readily available for resale. If so, opportunities will increase for qualified repair and remanufacturing providers as well as remarketers to meet O&M demands and supply the world market with discounted modules that are suited for reuse.
Module price and availability fluctuations in the secondary market call for resellers to develop diversified business models. As the saying goes, it’s never wise to put all your eggs in one basket. Solely operating on hardware resale won’t likely lead to a long-term thriving business. Rather, focusing on value-added services that resolve issues present in product lifecycles will earn additional revenue.
Companies that add services, including inspection, testing, repair, remarketing, traceability, decommissioning, and recycling, to their business models will increase profits over time while contributing to a sustainable circular economy. Many EnergyBin members offer services that cater to both the primary and secondary markets. For example, some install new systems as well as decommission the old. It starts with knowing customers’ needs and responding in a timely manner with competitive quotes.
EnergyBin is an exchange platform designed to ensure fair and orderly trading, facilitate connections between wholesale buyers and sellers, and efficiently disseminate price information for modules and other PV hardware traded on the exchange. Unlike an e-commerce marketplace where transactions occur via a website, no transaction occurs on the EnergyBin portal. Rather, transactions take place between the buyer and seller to protect proprietary transactional information.
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