Premium and high-efficiency module categories continued to lead price growth, while the inverter market remained broadly stable for a third consecutive month. Strengthening demand sentiment alongside climbing prices points to a market gaining momentum as it moves into the summer months.
May was another month of price increases for solar panels, continuing the upward trend that has run through all of 2026 so far.
TOPCon is still the dominant technology in the European market:
- TOPCon bifacial: €0.125/Wp (+7% m/m)
- TOPCon monofacial: €0.122/Wp (0% m/m)
TOPCon bifacial prices jumped seven percent in May, though much of the increase was driven by a shift toward larger, higher-wattage panels (500+ Wp) rather than a broad price rise across the segment. TOPCon monofacial held steady month-on-month, suggesting prices there may be settling.
April PV Index – prices push on as demand loses its edge
Premium residential categories have continued to push higher:
- Full Black modules: €0.128/Wp (+3% m/m)
- Back Contact modules: €0.134/Wp (+4% m/m)
Back Contact modules hit a new high at €0.134/Wp, the most expensive segment in the index. Full Black modules also kept rising, confirming that demand for premium residential products remains strong.
Module brand rankings: Trina Solar takes the top spot
Based on power sold, the top five module brands in May were:
- Trina Solar
- JA Solar
- LONGi
- Jinko Solar
- Canadian Solar
Trina Solar moved into first place in May, pushing JA Solar into second. The rest of the top five stayed the same.
Inverters: prices barely moved
While module prices rose, inverter prices have stayed almost completely flat in May, a pattern that has now held for several months.
Hybrid inverters
- 1–15 kW: €95.34/kW (0% m/m)
- >15 kW: €79.60/kW (–3% m/m)
Small hybrid inverters were unchanged. Larger systems dipped 3%, continuing a gradual softening trend that has been visible in this segment for a few months now.
sun.store
String/on-grid inverters
- 1–15 kW: €44.02/kW (0% m/m)
- >15 kW: €27.68/kW (+2% m/m)
Both categories were essentially flat, with only a small nudge upward at the larger commercial end.
Inverter brand rankings
Hybrid inverters
- Deye
- Huawei
- GoodWe
- Fronius
- Sungrow
No changes at the top. Deye held its leading position comfortably.
String/on-grid inverters
- Huawei
- Sungrow
- Fronius
- SMA
- SolarEdge
Huawei retook the top spot from Sungrow after just one month. Sungrow had briefly led the ranking in April, the first time in some time that Huawei had been displaced, but May saw the usual order restored.
PMI: buyer confidence at its highest point since January
The PV PMI rose to 70 in May, reversing the dip seen in April and matching the strong sentiment levels seen at the start of the year.
Survey results from 1,101 sun.store users:
- 49% plan to buy more
- 40% expect no change
- 10% plan to buy less
The share of buyers planning to cut purchases fell to just ten percent, the lowest in the tracked period, and the overall market mood heading into summer is broadly positive.
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What to expect
May painted a straightforward picture: prices are up, confidence is up, and demand shows no signs of cooling. The brief dip in sentiment seen in April looks like a temporary pause rather than the start of a broader slowdown.
Beyond recovery: solar enters a new industrial chapter
A few things stand out from this month's data:
- Back Contact panels hit a new all-time high in the index at €0.134/Wp
- TOPCon bifacial price growth was real but partly explained by a shift toward bigger panels
- Larger hybrid inverters are quietly softening, the one area of the market moving in the other direction
- Huawei quickly reclaimed string inverter leadership after Sungrow's brief spell at the top
- PMI at 70 puts buyer sentiment firmly back in expansionary territory
With prices still rising and buyers feeling confident, the European PV market heads into June in strong shape. (hcn)
