Falling Solar Panel Prices In China Will Impact Countries Around The World
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Polysilicon is the most expensive component of a traditional solar panel. Recently a glut of the stuff has led leading Chinese solar panel manufacturers like Longi Green, TCL Zhonghuan, and Tongwei to lower their prices by as much as 27%. This couldn’t come at a better time for Europe, which is racing to install large numbers of solar panels to offset the loss of cheap methane from Russia.
According to the South China Morning Post, the reduction in solar panel prices by Chinese manufacturers is expected to stimulate demand globally, particularly in Europe. A slowdown in domestic demand as the result of the resurgence in Covid infections in China is largely responsible for the decrease in demand, according to the China Silicon Industry Association.
“The increasing cost competitiveness of solar power generation, driven by expanded production and upstream cost reduction, will help promote renewable energy across the world,” Shanghai-based brokerage firm BOCI Securities said in a recent report.
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