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Solar Module Price Highlights: June 2009

Price Summary

The price decline trend from the beginning of 2009 continues in the June survey result. While the total number of price declines was lower this month, their individual magnitude caused the largest single month reduction in the United States index since the survey started in 2001.

Some of the price declines this month come from retailers whose prices are high and, therefore, represent adjustments that bring them more into line with the market. On the other hand this month, other large price declines are also evident from first line retailers that are already pricing competitively.

The price realignment that has taken place since the start of the year has been due both to the world economy as a whole, but notably due to a radical change in government policy in Spain - a gap in the market that will take time to fill.

Within Solarbuzz, there is little doubt that market growth around the world will return next year and in a potentially dramatic way.

The reason for this conclusion?

June is the month when Solarbuzz issues its annual Downstream PV Market reports. This year, we have added Asia and Pacific Major Markets to the existing European and United States reports.

In the course of this intensive research by the experienced Solarbuzz team, this has revealed extraordinarily large order books for photovoltaic systems around the world. These deals are being negotiated as this commentary is being written. Not all of them will happen, but most will.

Inspite of the short term challenges while demand is catching up with supply, the alignment between lower solar prices, positive goverment policies and the consumers' desire to move toward clean energy has never been stronger.

Indeed, the fact that the present price track is underpinned by cost reductions emanating from manufacturing economies of scale, demonstrates that positive government policy toward solar is now paying off.

Lowest Prices ($/Wp)

The tracking of the lowest price band in the survey is measured against the number of prices below $4.75 per watt.

As of June 2009, there are currently 370 solar module prices below $4.75 per watt (€3.42 per watt) or 26.5% of the total survey. This compares with 313 prices below $4.75 per watt in May. The lowest retail price for a multi-crystalline silicon solar module is $2.48 per watt (€1.79 per watt) from a US retailer. The lowest retail price for a monocrystalline silicon module is $2.80 per watt (€2.02 per watt), from a US retailer.

Note, however, that "not all models are equal." In other words, brand, technical attributes and certifications do matter.

The lowest thin film module price is at $1.76 per watt (€1.26 per watt) from an Asian-based retailer. As a general rule, it is typical to expect thin film modules to be at a price discount to crystalline silicon (for like module powers). This thin film price is represented by a 130 watt module, albeit deliveries of this particular model are not available until July.

Note, once again, that these prices are based upon the purchase of a single solar module and prices are exclusive of sales taxes. Information on volume discounts, factory gate and PV system pricing is available as part of our consultancy services.

Price Index Context

The module cost represents around 50 - 60% of the total installed cost of a Solar Energy System. Therefore the solar module price is the key element in the total price of an installed solar system. All prices are exclusive of sales taxes, which depending on the country or region can add 8-20% to the prices, with generally highest sales tax rates in Europe.

LEGAL DISCLAIMER:

SOLARBUZZ DOES NOT AND CANNOT REPRESENT OR WARRANT THAT THE DATA IN THIS RETAIL PRICE SURVEY ARE ACCURATE OR COMPLETE. SOLARBUZZ DISCLAIMS ALL EXPRESS OR IMPLIED WARRANTIES AS TO THE ACCURACY OR COMPLETENESS OF THE DATA. THE DATA ON THIS WEB PAGE ARE PROVIDED FOR INFORMATIONAL PURPOSES ONLY.

YOU RELY ON THE ANALYSIS AT YOUR OWN RISK. SOLARBUZZ SHALL NOT BE RESPONSIBLE FOR THE CONSEQUENCES OF ANY DECISIONS RESULTING FROM THE USE OF THE DATA INCLUDING, BUT NOT LIMITED TO, LOSSES OR DAMAGES RESULTED THEREFROM. NOTHING IN THE DATA SHALL BE CONSIDERED AS AN ENDORSEMENT, PROMOTION OR ADVERTISING OF ANY COMPANY.

125 Watts and Higher Module Index Retail Price Per Watt Peak
	USA	Europe
	US$/ watt	Euro €/ watt
Jun 2009	4.61	4.48
May 2009	4.70	4.52
Apr 2009	4.74	4.54
Mar 2009	4.78	4.55
Feb 2009	4.81	4.62
Jan 2009	4.84	4.61
Dec 2008	4.85	4.68
Nov 2008	4.85	4.71
Oct 2008	4.85	4.72
Sep 2008	4.85	4.69
Aug 2008	4.83	4.71
Jul 2008	4.83	4.70
Jun 2008	4.82	4.70
May 2008	4.81	4.71
Apr 2008	4.81	4.71
Mar 2008	4.82	4.73
Feb 2008	4.81	4.74
Jan 2008	4.83	4.74
Dec 2007	4.83	4.77
Nov 2007	4.83	4.76
Oct 2007	4.84	4.77
Sept 2007	4.84	4.78
Aug 2007	4.85	4.79
July 2007	4.84	4.78
June 2007	4.85	4.78
May 2007	4.86	4.79
Apr 2007	4.87	4.80
Mar 2007	4.88	4.80
Feb 2007	4.88	4.79
Jan 2007	4.88	4.82
Dec 2006	4.88	4.82
Nov 2006	4.88	4.82
Oct 2006	4.87	4.83
Sept 2006	4.86	4.83
Aug 2006	4.86	4.83
July 2006	4.85	4.83
June 2006	4.83	4.83
May 2006	4.82	4.84
Apr 2006	4.77	4.82
Mar 2006	4.73	4.82
Feb 2006	4.73	4.81
Jan 2006	4.71	4.80
Dec 2005	4.70	4.80
Nov 2005	4.68	4.80

Note:

As a guide, the industry is looking to drive module prices down to $1.50 - 2.00 per watt over the next decade, if it is to make large inroads in to the grid tied electricity market, without subsidy.

The All Module Index is volume weighted to take account of the fact that the majority of market demand (in Megawatt terms) occurs in the high power module segment.

Number and direction of Worldwide Solar Module Price Changes

PRICE CHANGES	Jun 2008	Jul 2008	Aug 2008	Sep 2008	Oct 2008	Nov 2008	Dec 2008	Jan 2009	Feb 2009	Mar 2009	Apr 2009	May 2009	Jun 2009
Number of Prices that Increased	74	64	28	38	45	43	30	24	36	18	24	17	10
Number of Prices that Decreased	40	21	16	16	21	79	29	34	79	120	79	126	71
Number of Prices Unchanged	1331	1356	1364	1436	1468	1291	1382	1424	1376	1319	1232	1220	1315

Note: Price changes (in US dollar terms) caused only by an exchange rate movement, do not count as a price change in the above table. i.e. there has to be a movement in the local currency in question to register a change.

Our survey also tracks average prices by power segment analyzed by 125 watts and above, 40 - <125 watts and <40 watt modules. These price differentials can vary with market demand and manufacturing mix. Lowest prices per Watt can be found in the 125 watts and above segment, as manufacturers can minimize their unit (per watt) manufacturing cost. This information is available through our consultancy services.

Size of Solar Module Survey Base

SURVEY BASE	Jun 2008	Jul 2008	Aug 2008	Sep 2008	Oct 2008	Nov 2008	Dec 2008	Jan 2009	Feb 2009	Mar 2009	Apr 2009	May 2009	Jun 2009
Number of Companies in Survey	72	72	70	71	71	71	72	72	76	76	73	68	71
Number of Prices Tracked	1445	1441	1408	1490	1534	1413	1441	1482	1491	1457	1335	1363	1396
Number of Models	580	598	593	610	622	595	583	597	613	611	598	606	592

Most Solar Module prices are represented by Companies marketing from the United States and European Countries, which display retail prices on their respective Company web sites. These companies market solar products globally. There is less public display of prices in the key Japanese market. However, the survey does include companies from USA, Germany, United Kingdom, South Africa, Brazil, Mexico, Australia, France, Switzerland, Greece, Korea and Canada. Exchange rate conversions from local currency in to US dollars and Euros are made on the date of each survey.

In order to retain consistency in the data, the prices are based on the purchase of one solar module and are the lowest price displayed on the Internet site for that quantity (sometimes, this price is described as a 'sale price'). Lower prices that are available on multiple purchases are held outside the main index, in order to retain the consistency of the Price Index. Most sales companies offer discounts on multiple unit purchases and some companies offer to match the lowest price of competitors. The prices are exclusive of local taxes.

The typical Solar Industry Marketing structure is when a Solar Module Manufacturer sells to a Wholesaler (also known as "Distributor" or "Value Adding Reseller"), who then sells to a Retailer (also known as "Dealer"), who sells to the public or solar user. Value Adding Resellers often also sell direct to the solar user. In circumstances of a large order, the manufacturers may sell direct to the solar user, usually a commercial or government entity.

The price represented on the survey is the Retailer price to the public or solar user. There are some rare examples where Wholesalers and even Manufacturers display prices and sell direct to the public on their web sites.

Major Solar Module Brands*

Major Product Brands covered in the survey are listed below. Click on the underlined names to go to the Company Home Page websites or click here to go to names, addresses and contact details for the full list of Solar Cell Manufacturing Companies.

Companies with a light grey background manufacture modules only, the remainder manufacture Solar Cells and Modules.