According to the latest pv.index report released by online solar trading platform sun.store, the selling prices of all technical types of solar PV modules in Europe continued to rise in March 2026, with back contact (BC) modules leading the increase. Meanwhile, five major Chinese PV manufacturers occupied the top positions in the European market, while inverter prices remained generally stable.
The report pointed out that the prices of most PV module technology types monitored in the European market in March increased by 4% to 6% month-on-month, among which back contact (BC) modules rose by 10%, becoming the category with the largest increase among all technology types.
sun.store analyzed that the launch of premium-design modules and the application of high-efficiency technologies are the core reasons driving the price increase of all module categories. Among them, the price of Tunnel Oxide Passivated Contact (TOPCon) modules has been significantly higher than the mid-2025 level, a phenomenon that not only reflects the growing market acceptance of this technology but also demonstrates that the PV industry is in a stage of continuous technological transformation.
Specifically, the price of TOPCon bifacial modules increased from €0.103/Wp (approximately US$0.121/Wp) to €0.107/Wp; the prices of both monofacial TOPCon modules and full black modules rose to €0.114/Wp; back contact (BC) modules increased from €0.114/Wp to €0.118/Wp, leading the industry in terms of growth rate. This data fully indicates that buyers in the European market are willing to pay a higher premium for "high-performance photovoltaic products with attractive designs".
Notably, monofacial Passivated Emitter Rear Contact (PERC) modules were the only category with no price changes, remaining stable at €0.077/Wp since September 2025. sun.store interpreted that PERC module prices are no longer the core factor leading the market direction, and market demand and price attention are continuously shifting towards new and efficient technologies.
Regarding the sustainability of the price increase trend, Krzysztof Rejek, Vice President of Sales at sun.store, stated that the rise in module prices from February to March may only be a short-term phenomenon. He pointed out that in the short term, module prices may remain about 20% higher than the end of 2025, but there are clear signs that this upward trend is expected to change starting from the second quarter of 2026.
"In the second quarter, module prices are expected to stabilize, or even possibly correct by several to more than ten percent," Rejek added. China officially abolished the export tax rebate for photovoltaic products starting from April 1, and this policy has a limited impact on module costs, about 9%. Current module price fluctuations are mainly driven by manufacturers' efforts to rebuild profit margins and advance purchases ahead of regulatory changes; at the same time, the decline in prices of raw materials such as cells, wafers and silver, coupled with still relatively weak demand, further increases the possibility of a price correction in the second quarter.
It is reported that the cancellation of China's PV product export tax rebate policy, which was further tightened after the tax rebate rate was lowered in December 2024, will accelerate the industry's transformation from low-price involution to high-quality development.
In terms of brand pattern, the report shows that the top brands in the European PV module market reshuffled in March, with five Chinese manufacturers taking the top five positions. Among them, Trina Solar regained the top spot after dropping to third place in February; JA Solar remained in the leading camp, falling from first to second place in March; Aiko entered the third place, with a significant improvement in market position; LONGi and TW Solar also successfully ranked in the top five, demonstrating the strong competitiveness of Chinese PV manufacturers in the European market. This change in rankings also confirms the dynamic adjustment of the channel competition pattern in the European PV market.
In sharp contrast to the continuous rise in PV module prices, inverter prices in the European market remained generally stable. In March, hybrid inverter prices declined slightly by 1-2%, while on-grid inverter prices rose slightly by 1-2%. sun.store analyzed that despite intensifying market competition, the continuous demand for storage-compatible systems provides structural support for hybrid inverters.
"In the on-grid inverter segment, prices of both categories rose slightly, indicating that the earlier correction phase has likely largely ended, especially in residential and commercial applications," sun.store added. Overall, grid-connected inverter prices remain disciplined, with no signs of significant downward pressure.
Unlike the frequent reshuffling of top module brands, the pattern of top inverter brands remained basically unchanged: Deye is still the leading enterprise in the hybrid inverter field, while Huawei continues to hold the top position in string inverters.
