Solar Market and Cost Analysis

$0.45 $0.40 $0.35 $0.30 $0.25 $0.20 PV Module Average Price ($/Wdc) Module Prices: Global versus United States $0.15 $0.10 U.S. average module value Global spot price, monofacial monocrystalline modules $0.05 $0.00 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 2021 Q2 Q3 2022 83 • • In Q3 2022, the average U.S. module price ($0.43/Wdc) was up 14% q/q and up 30% y/y, with modules trading at a 63% premium over the global spot price for monofacial monocrystalline silicon modules. The disparity between U.S. and global module prices in 2022 reflects the tumultuous U.S. policy and supply and demand context. - - The U.S. Department of Commerce anti- circumvention investigation stalled module shipments from Southeast Asia early in Q2 2022. An executive order in early June exempting those Southeast Asian modules from tariffs for 2 years caused a spike in demand and prices from that region. The Uyghur Forced Labor Prevention Act came into force on June 21, causing renewed supply constraints and price increases for modules from Southeast Asia. Source: Bloomberg NEF Solar Spot Price Index (1/13/23); BloombergNEF Bimonthly PV Index (9/27/22); EIA Monthly Solar Photovoltaic Module Shipments Report (1/17/23); Wood Mackenzie & SEIA, US Solar Market Insight: Q3 2022 (9/22). NREL 40

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