Estimated changes in average delivered costs for solar PV modules in selected importing countries and regions, 2023-2025

Notes

2025 values are estimated using trade data available until the end of Q3 2025. Material price changes include changes in prices of components. The average cost in 2025 reflects the full impact of tariffs announced as of 1 November 2025, without accounting for temporary cost reductions resulting from stockpiling strategies. Delivered costs refer to the weighted average unit cost of supply, including both domestic production and imports, with the latter including tariffs and transport costs. All costs are inclusive of explicit financial support mechanisms, such as production tax credits under the US Inflation Reduction Act.