Module pricing kept splitting along the premium line in July 2026. Full Black posted the strongest gain of the month and is now the most expensive segment in the index. TOPCon bifacial, meanwhile, continued to ease.
- Full Black: €0.138/Wp (+8% m/m)
- Back Contact: €0.135/Wp (+4% m/m)
- TOPCon monofacial: €0.128/Wp (+2% m/m)
- TOPCon bifacial: €0.110/Wp (-5% m/m)
The two TOPCon variants have now moved apart for a third consecutive month, an unusually persistent split between two closely related products. For buyers specifying standard utility-scale modules, bifacial remains the cheaper route by a widening margin.
June PV Index: premium modules hit new highs, confidence holds firm
Module brand rankings
Ranked by capacity sold over the three months to July 2026, the top five module brands were:
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Aiko took the top position. Reading the table over a quarter rather than a single month strips out the effect of individual large orders, and on that basis the mix of suppliers moving serious volume through the marketplace looks materially different from a year ago.
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Inverters
Hybrid pricing softened across both size bands, continuing the gradual drift visible since the spring. Larger commercial units remain by some distance the most competitively priced part of the inverter market on a per-kW basis.
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What the string inverter index tracks: the index measures pricing on current model ranges. Run-out and clearance lots of discontinued models are excluded, as they change hands well below the level of the equivalent current product, and including them would pull the index down without telling a buyer anything about what today's range costs. In July 2026 that applied mainly to Solplanet, Sungrow, KACO and SolarEdge. SolarEdge has been the most regular source of such stock over the past year.
Hybrid inverters
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String and on-grid inverters
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PV PMI
The PV PMI came in at 65 in July 2026, against 67 a month earlier. That is slightly below its historical average, pointing to demand a little softer than usual. The index has run in a narrow band around 67 since the series began, and that level, marked on the chart, is the reference point for any single reading. On that basis, July 2026 sits at the softer end of the range rather than qualifying as a strong month. 46 percent plan to buy more 38 percent expect no change 16 percent plan to buy less
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What to expect
- Full Black is now the most expensive module segment in the index, and the premium over standard
- TOPCon keeps widening TOPCon bifacial and monofacial continue to diverge, which matters for anyone specifying on price alone
- Aiko leads the module brand table on a three-month view, so the shift reflects sustained volume rather than one large order
- Inverter pricing remains broadly stable, with hybrid systems drifting slowly lower
- PMI at 65 sits below its historical average of 67, so buying intentions are softer than the headline level suggests
Premium modules are still setting the pace, but the demand signal has cooled since the spring. Buyers holding out for lower standard-module pricing are being rewarded; those specifying premium categories are not. (hcn)
