Costs to produce solar panels in China have slumped 42% over the past year, according to a Reuters report.
This way, local manufacturers have gained a significant advantage over competitors based in the United States and Europe.
Solar panel production cost in China has decreased to 15 cents per watt in 2023 from 26 cents per watt a year earlier.
In comparison, panel production cost in the United States stands at 40 cents per watt, that in Europe – at 30 cents per watt, and the cost in India is at 22 cents per watt.
According to energy research company Wood Mackenzie, some 80% of the global solar production capacity comes from China. The country is also expected to dominate the world’s solar supply chain for years to come.