Latest data from the supply chain platform Anza shows that U.S. distributed generation solar module prices rose significantly in the third quarter of 2025, driven by an installation rush before tax credit deadlines and restrictions related to Foreign Entities of Concern (FEOC). Products of different specifications and origins showed divergent price trends.
For photovoltaic projects larger than 1.5 MW to qualify for the federal Investment Tax Credit (ITC), they needed to reach 5% of total project expenditure by September 2. Anza stated that developers accelerated procurement to meet this requirement, pulling demand from the fourth quarter forward and directly pushing prices higher. From June to August, the median module price tracked by the platform increased by 3.7%, rising by $0.015 per watt to return to the May high of $0.28 per watt. The platform covers over 40 suppliers representing more than 95% of the U.S. module market, making the data highly representative.
The impact of FEOC restrictions also became apparent. This policy prohibits projects with Chinese affiliations from enjoying tax credits like 48E and 45. From June to August, the price of modules that did not meet FEOC standards surged by 9.2%, far exceeding the 4.9% increase for compliant products. Anza analysis suggests that during the rush period, buyers relied more on familiar brands rather than prioritizing compliance status, leading to a sharper price increase for non-compliant products.
Technology type and origin emerged as another key factor in price divergence. The price of mono-crystalline PERC modules increased by approximately 10%, as suppliers favored this mature technology, potentially influenced by intellectual property concerns surrounding TOPCon. Consequently, the price gap between PERC and TOPCon modules has nearly closed. HJT modules still maintain a premium price due to their scarcity. Solar cell prices also showed significant regional variation: products from the U.S. increased by 5.7% to $0.46/W; products from Southeast Asia and India saw increases between 3.7%-5.2%; while products from South Korea and Germany decreased by 8.8% to $0.31/W.
