China's solar cost curve is the global benchmark: the same factories that supply most of the world's modules also build the cheapest utility-scale projects on earth. Tracking module prices and levelized cost of energy (LCOE) here explains why solar is now the default choice for new generation.
Module price snapshot
| Item | Price |
|---|---|
| 2025 utility TOPCon (centralized) | ~0.69 yuan/W |
| 2025 distributed TOPCon | ~0.75 yuan/W |
| CPIA N-type M10 bifacial production cost (Oct 2024) | 0.68 yuan/W |
| Overseas utility TOPCon (FOB China) | $0.09-0.10/W |
| Europe TOPCon (import) | ~EUR 0.103/W |
| US TOPCon (DDP) | ~$0.25/W |
Sources: CPIA cost estimates, InfoLink, OPIS, water-resources planning institute. Module cost rose above 0.9 yuan/W fully-loaded by early 2026 on silver prices and the export-rebate cut.
LCOE: how cheap is the power?
In 2025 China's centralized PV LCOE fell to about 0.134-0.221 yuan/kWh, with the best northwest sites near 0.10 yuan/kWh - among the lowest solar LCOE in the world and competitive with coal in most provinces.
System capex
All-in utility project cost was about 3.2 yuan/W (3,200 yuan/kW) in 2025, down 7.2% year on year. Commercial & industrial distributed ran 4-5 yuan/W and residential 3.5-4 yuan/W. According to NEA, 2024 average payback was 6.2 years (residential), 4.8 years (C&I) and 8.5 years (utility).
What drives the cost curve
Downward pressure comes from scale, the TOPCon/HJT technology shift and the learning curve. Upward risks include silver prices (silver paste is a major cell cost) and the 2025 export-rebate cancellation, which lifted module cost by roughly 0.2-0.27 yuan/W. Net, China's module prices remain the global floor.
Related
See China Solar Power for installations and manufacturing, and our Energy Transition overview for the system picture.
Frequently asked questions
What is the current China solar module price?
Utility-scale TOPCon modules were about 0.69 yuan/W in China in 2025; distributed projects were closer to 0.75 yuan/W. Overseas utility TOPCon traded around $0.09-0.10/W FOB China.
What is China's PV LCOE?
Centralized solar LCOE in China was about 0.13-0.22 yuan/kWh in 2025, with the best northwest sites near 0.10 yuan/kWh - among the lowest in the world.
What drives PV cost changes?
Scale, the TOPCon/HJT technology shift and the learning curve push costs down, while silver prices and the 2025 export-rebate cut add upward pressure on module cost.