Price of Brazilian residential solar projects falls in Q1
The average price of residential solar energy projects in Brazil in the first quarter of 2024 was 2.76 reais (US$0.53)/Wp (peak watt), down 5% on the previous quarter, according to a study by fintech Solfácil.
Solfácil market intelligence analyst Henrique Taffarel predicts that the price is likely to remain at the same level throughout the year, despite the start of the import tax on solar panels.
One reason for this trend is the fact that the price of polysilicon – the semiconductor material used in the production of photovoltaic cells – has fallen by 20% since January.
"As China is overproducing, prices should remain low, unless some factories stop or reduce production because they can't cover costs and, to a lesser extent, due to the impact of the dollar and freight costs," Taffarel told BNamericas.
He highlighted that low prices and the reduction in the country’s benchmark Selic interest rate make financing solar energy projects more viable.
"Today the discount on the electricity bill already covers the financing installments in some states," Taffarel said.
The Selic is at 10.75%, its lowest level since March 2022. From March 2021 to August 2022, the Copom monetary policy committee raised the Selic 12 times in a row, in a cycle of monetary tightening that began amid rising food, energy and fuel prices. From August 2022 to August 2023, the rate was kept at 13.75%.
Amapá and Rondônia remain the cheapest states to install residential solar energy, with 2.46 reais/MWp and 2.50 reais/MWp respectively, while Minas Gerais and Pará are the most expensive with 3.19 reais/MWp and 3.06 reais/MWp, according to the Solfácil report.
Deye, Solis and Goodwe overtook Growatt in the first quarter as the solar inverter brands with the most requests in Brazil.
See the full report in the Documents box in the top right corner.
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