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European photovoltaic module prices declined across every technology category in September 2026, with reductions ranging from 1.1% to 3.6%, according to the latest PV Index report from the online solar marketplace sun.store.
The sun.store report places TOPCon bifacial modules as the least expensive option, averaging EUR0.114 per watt-peak, equivalent to US$0.128 per watt-peak, after a monthly decline of 1.3%. TOPCon monofacial modules averaged EUR0.12 per watt-peak in September following a 2.3% decrease, and the price difference between the two TOPCon variants continued to shrink. The marketplace noted that the two TOPCon variants moved apart during the month, with bifacial remaining the cheaper choice for standard utility-scale modules, though by a narrower margin.
Full black modules recorded the smallest monthly price reduction at 1.1%, averaging EUR0.129 per watt-peak in September 2026, making them the most expensive module category. Black contact modules averaged EUR0.128 per watt-peak and posted the steepest decline at 3.6%.
In the supplier ranking for the three months through September 2026, the top five positions were unchanged from the prior month, with all five occupied by Chinese module manufacturers. Trina Solar held the leading position, followed by Aiko and JA.
The report also tracked photovoltaic inverter prices, which showed mixed movements from the previous month. Smaller hybrid inverters in the 1-20kW range rose 5.8% month over month to EUR94.66 per kilowatt, while larger hybrid inverters fell 6.9% to EUR59.93 per kilowatt. The marketplace observed that larger commercial units remain the most competitively priced segment of the inverter market on a per-kilowatt basis by a considerable distance.
Demand for solar modules in Europe stayed below historic averages over the preceding three months, based on the PV Index Purchasing Managers Index. The index reading increased from 65 in August to 67 in September, just under the historical average of 68, which the marketplace interpreted as a sign of steady demand.
Among surveyed buyers, 47% intended to purchase more modules in October than in September, 40% anticipated no change, and 13% planned to buy fewer modules in the coming month.
Interactive table based on the Store Companies dataset for this report.
Report Scope and Analytical Framing
Concise View of Market Direction
Market Size, Growth and Scenario Framing
Commercial and Technical Scope
How the Market Splits Into Decision-Relevant Buckets
Where Demand Comes From and How It Behaves
Supply Footprint, Trade and Value Capture
Trade Flows and External Dependence
Price Formation and Revenue Logic
Who Wins and Why
Where Growth and Supply Concentrate
Commercial Entry and Scaling Priorities
Where the Best Expansion Logic Sits
Leading Players and Strategic Archetypes
Detailed View of the Most Important National Markets
How the Report Was Built
Largest solar cell & module producer globally.
World's largest monocrystalline wafer & module maker.
Major integrated solar manufacturer.
Leading producer of high-performance PV products.
Global manufacturer with production in Americas & Asia.
Major cell/module maker with US & Asian production.
Top-tier PV module and cell manufacturer.
Largest thin-film solar manufacturer globally.
Major LED chip & packaging for displays/lighting.
Pioneer and leading supplier of LED phosphors & chips.
Historically leading innovator in LED chips.
Major European LED & opto-semiconductor producer.
Producer of high-efficiency IBC solar cells.
World's largest producer of solar cell wafers.
Leading ABC cell (N-type) technology producer.
Rapidly growing solar cell and module manufacturer.
Integrated PV manufacturer under Chint Group.
Major global LED packaging and component supplier.
Leading supplier of LED components for automotive/lighting.
One of world's largest LED epitaxial wafer & chip makers.
Innovator in LED packaging (WICOP) and chip technology.
Major LED component supplier, part of LG Group.
Key LED epitaxy and chip manufacturer.
Historically significant in both PV and LED production.
Major PV manufacturer part of GCL Group.
Specialist in N-type TOPCon solar cells and modules.
Historic PV leader, continues manufacturing.
Leading LED chip manufacturer, part of Ennostar.
Major LED packaging company for lighting & display.
Leading Chinese LED packaging and component supplier.
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