Weekly Review
PV Market News This Week:
1. US House passes sweeping bill, leaving solar industry reeling
The One Big Beautiful Bill Act has passed in the US House by a vote of 218 to 214.
The bill garnered much bipartisan support after discussion began in early spring 2025. Yet in the end, the only Republican congressional members who voted against it were Pennsylvania’s Brian Fitzpatrick and Kentucky’s Thomas Massie. In the end, the bill passed is what narrowly passed the Senate 51-50.
The One Big Beautiful Bill act makes sweeping changes to US clean energy industrial policy, including repealing the investment tax credit and production tax credit for solar and wind projects several years ahead of schedule.
The three Republican who voted against the Senate bill were Susan Collins of Maine, Thorn Tillis of North Carolina, and Rand Paul of Kentucky, yet they were not the only ones who demonstrated bipartisan support for clean energy until the final vote.
Three Republican Senators, Jodi Ernst (Iowa), Chuck Grassley (Iowa) and Lisa Murkowski (Alaska) proposed an amendment to change the language before it won Senate approval, which never went to the floor for a vote. However, these three ended up voting for the bill with no changes.
2. EU proposes binding 90% greenhouse gas cut target for 2040
The European Commission has proposed an amendment to the EU Climate Law, setting a legally binding 2040 target. It said it aims to reduce net GHG emissions by 90% from 1990 levels, reinforcing its existing commitment to cut emissions by at least 55% by 2030.
The proposal, supported by a recent impact assessment and feedback from the Intergovernmental Panel on Climate Change and the European Scientific Advisory Board on Climate Change, introduces new flexibilities, according to the commission.
The measures include international credits and domestic removals under the EU Emissions Trading System, with the goal of ensuring cost‑effective, sector‑efficient progress toward climate neutrality by 2050, said the commission.
“As European citizens increasingly feel the impact of climate change, they expect Europe to act. Industry and investors look to us to set a predictable direction of travel,” said European Commission President Ursula von der Leyen in an online statement. “We stand firmly by our commitment to decarbonize [the] European economy by 2050. The goal is clear, the journey is pragmatic and realistic.”
European Commission Executive Vice-President Teresa Ribera claimed that the 90% emissions reduction target offers a clear long-term direction for climate policy and underscores ongoing public support for climate action across the bloc.
Wopke Hoekstra, commissioner for climate, also described the 2040 target as a reaffirmation of the European Union’s clean transition strategy. He said the proposal provides clarity for national and industrial investment planning and will support the continent's long-term competitiveness on its path to climate neutrality by 2050.
The European Commission unveiled its Clean Industrial Deal in February 2025, aiming to boost industrial competitiveness while cutting greenhouse gas emissions across key sectors. The plan focuses on accelerating innovation, supporting green investments, and ensuring a fair transition for workers and regions.
3. Italy, Portugal, Spain break daily solar production records
Electricity prices fell across most major European markets during the week commencing June 23, according to analysis from AleaSoft Energy Forecasting.
When compared to the week prior, the consultancy noted a drop in the weekly average electricity price across the Belgian, British, Dutch, German, Italian, Nordic, Portuguese and Spanish markets. The exception was the French market, where the average price increased by 19% week on week.
The highest average weekly price was found in the Italian market, at €117.27 ($138.14)/MWh, while the lowest average weekly price was in the Nordic market, at ��15.84/MWh. The Nordic market also saw the lowest daily average price of the week, at €0.79/MWh on June 29, for its lowest daily figure since last August.
AleaSoft attributed the drop in electricity prices to a fall in gas and CO2 emissions prices, while in some countries, electricity demand also decreased.
All analyzed markets, except the Italian, Portuguese and Spanish markets, recorded negative electricity prices last week, with the lowest hourly price of the week found in Belgium, at -€35.19/MWh on June 29 between 14:00 and 15:00.
AleaSoft is forecasting electricity prices will rise across much of Europe during the first week of July, driven by increased electricity demand. An exception is anticipated in Portugal and Spain, where increased wind energy production is expected to drive electricity prices down.
The consultancy also found solar energy production increased in Italy and Spain last week but declined in France, Germany and Portugal.
Both Portugal and Spain broke their records for daily solar energy production on June 26, reaching 30 GWh and 235 GWh, respectively. Italy achieved the same feat on June 29, with 157 GWh generated.
AleaSoft is expecting solar energy production to have increased in the German and Spanish markets this week and to have declined in Italy.
4. US solar panel price from India stable at $0.288/W
The OPIS spot price for TOPCon ≥600 W modules DDP U.S. rose 0.38% this week to $0.264/W, on a limited number of price reports, with quotes for cargoes from Southeast Asia rising 0.39% to $0.257/W. Quotes for cargoes from India were stable week-over-week at $0.288/W. The spot price for Mono PERC modules ≤450 W EXW East Coast Warehouse (from distributors to installers) fell 0.63% to $0.318/W.
Quotes for US-assembled modules with imported cells continue to be heard between $0.26 and $0.33, while modules with domestic content – which are still limited to just a handful of producers – are generally quoted between $0.40/W and $0.50/W.
With the steep ‘reciprocal’ tariffs set to come online on July 9, a module broker shared that the bump from the new rates will be at least $0.05/W to $0.06/W. The broker has a customer taking two deliveries of utility-scale modules from Indonesia, 32 MW and 34 MW, in September and October at $0.27/W. That price would be in the low 20s without the reciprocal tariff factored in, he said.
The U.S. House of Representatives on Thursday passed its reconciliation “megabill” that will overturn the current renewable energy tax incentive landscape established in 2022 by the Inflation Reduction Act. The bill now goes to President Trump for his signature, ahead of GOP leadership's self-imposed July 4 deadline.
Abigail Ross Hopper, President and CEO of the Solar Energy Industries Association (SEIA), said in a statement that the bill will halt the “industrial revival rural America needs and [hand] an untimely and strategic victory to China”.
The final version awaiting the President's signature significantly pulls forward the phase-out schedule for the Clean Electricity Investment Credit (48E, or ITC), which otherwise would not have begun to lose value until next decade. This will, in turn, phase out the domestic content bonus, which created demand for modules and cells made in the U.S..
Developers who start construction before one year from this bill's enactment – or sometime in July 2026 – will have four years to place their projects in service and receive the full value of the ITC. Otherwise, only projects placed in service before the end of 2027 will be eligible. The same schedule will apply to the Clean Energy Production Credit (45Y, or PTC).
The so-called ‘Residential ITC' (25D) is teed up to phase out completely at the end of 2025, but the Advanced Manufacturing Production Credit (45X) retains a favorable phase-out schedule, losing 25% of its value annually starting in 2031.
New “foreign entities of concern” (FEOC) restrictions will also complicate the path forward for U.S. solar. Though solar companies in the U.S. import very little directly from China owing to multiple rounds of steep tariffs, firms with Chinese ownership dominate the global solar supply chain, and have significant investment in American factories.
Any project that starts construction after 2025 will not be able to secure 48E if they utilize “material assistance” from a “prohibited foreign entity” (PFE) above a certain allowable percentage threshold. The same will apply to 45Y (PTC). And no factory owned by a PFE, or receiving material assistance from one, will be eligible for 45X manufacturing credits starting next year.
5. EU renewable energy up 3.4% in 2024 as coal hits record low
The European Union’s renewable energy supply grew by 3.4% in 2024 compared with the previous year, reaching approximately 11.3 million terajoules (TJ), according to preliminary data released by Eurostat.
The increase in renewables coincided with further declines in fossil fuel supply. Brown coal fell by 10% to 199.3 million tons, while hard coal dropped by 13.8% to 110.9 million tons – both the lowest levels recorded since Eurostat began collecting data, and in line with its past projections of solar as the European Union’s fastest-growing renewable source.
Natural gas supply edged up by 0.3% to 12.8 million TJ in 2024, following a sharp drop in 2023. The supply of oil and petroleum products declined by 1.2% year on year to 454 million tons.
Renewables remained the leading source of electricity generation in the European Union, accounting for 47.3% of total output, said Eurostat. Renewable electricity production rose 7.7% to 1.31 million GWh.
Electricity from fossil fuels fell 7.2% to 0.81 million GWh, representing 29.2% of the European Union’s power mix. Nuclear power contributed 0.65 million GWh, or 23.4% of electricity generation, up 4.8% from 2023.
The figures are based on Eurostat’s preliminary annual data, which refer to energy supply, also known as inland consumption. Supply includes energy available for electricity and heat generation, as well as use across industry, transport, services and households.
Earlier this week, the European Commission proposed a legally binding target to cut net greenhouse gas emissions by 90% by 2040, compared to 1990 levels. The measure, backed by scientific advisory bodies and an impact assessment, aims to guide investment and policy toward climate neutrality by 2050.
The European Union’s cumulative installed solar capacity hit roughly 334 GW at the end of 2024, according to statistics from SolarPower Europe and other key industry sources.
6. France releases new FIT rates for PV systems up to 500 kW
France's energy regulator, the Commission de Régulation de l'Énergie (CRE), has released FIT rates for rooftop solar installations up to 500 kW in size for July to September 2025.
For the 3-month period, the FITs for PV systems up to 3 kW and installations between 3 kW and 9 kW have been canceled. From now on, these PV system typologies will be entitled to net metering tariffs for surplus power only. This move is intended to encourage higher levels of self-consumption among residential PV system owners.
For PV systems between 9 kW and 36 kW, the FIT from July to September is €0.1243 ($0.1467)/kWh. Solar arrays from 36 kW to 100 kW will receive €0.1081/kWh.
PV systems between 100 kW and 500 kW will receive €0.0886/kWh.
The rebates for purchasing the systems range from €0.08/W to €0.18/W, depending on system size.
The tariffs for surplus power from PV systems up to 100 kW operating under net metering are between €0.0400/kWh and €0.0731/kWh, depending on the month and the system size.
7. Malaysia upgrades net metering scheme for rooftop PV
Malaysia’s Energy Transition and Water Transformation Ministry (Petra) has updated the MBIPV scheme and NEM programs for rooftop PV systems.
The ministry said about 1.7 GW of PV systems are currently operating under the two programs, with an additional 595 MW under development.
Under the revised framework, PV system owners in the MBIPV scheme will receive energy bill credits through the end of 2030.
For the NEM mechanism, users under NEM 1.0 will receive credits until the end of 2035. Those under NEM 2.0 and NEM 3.0 will be eligible for credits for 10 years from their grid connection date. Malaysian authorities will calculate the net metering tariff annually based on criteria aimed at ensuring “fair” treatment for all electricity consumers.
According to Malaysian media outlet TheEdge, the surplus solar tariff will now include energy, capacity, and network charges, rather than covering only energy charges as previously planned.
Net metering replaced the country’s feed-in tariff incentive in January 2016. In May 2017, the government revised the system to boost adoption after limited interest from homeowners. NEM 2.0 launched in January 2019 and ended in December 2020. NEM 3.0 began in December 2020 with a total quota of 2.5 GW.
That quota is distributed across three sub-schemes: NEM Rakyat, which allocates 700 MW to residential systems with a 10-year net metering tariff; NEM GoMEn, which assigns 100 MW to government ministries and public entities under the same terms; and NEM Nova (Net Offset Virtual Aggregation), which allocates 1.7 GW to commercial and industrial PV system owners, allowing them to sell excess power to the grid at market price or system marginal price (SMP).
Petra said users whose energy credit rights expire can access two other prosumer support programs: the Solar for Self-Consumption (SelCo) scheme and the Community Renewable Energy Aggregation Mechanism (CREAM).
The SelCo scheme provides a regulatory framework for businesses to deploy standalone PV systems with battery storage. The CREAM program lets homeowners lease or rent their rooftops for solar generation. The electricity produced can be sold to nearby commercial and residential customers within a 5 km radius.
CREAM builds on the Corporate Renewable Energy Supply Scheme (CRESS), launched in September 2024, which allows businesses to buy renewable electricity directly from developers via the national grid.
Malaysia’s total installed solar capacity reached 2,306 MW by the end of 2024, up from 2,146 MW in 2023, according to the International Renewable Energy Agency (IRENA).
8. Belgium expected to reach 33.6 GW of PV capacity by 2035
Belgium is projected to reach around 33.6 GW of installed PV capacity by the end of 2035, according to a new report from Belgian grid operator Elia.
The country is also predicted to see its operation PV power increase from around 12.6 GW at the end of 2025 to 22.5 GW at the end of 2030.
“While solar PV is expected to continue being expanded due to falling costs, the development of offshore wind faces more structural challenges that may limit its further growth,” said Elia, noting that wind capacity may grow in the country from around 3.4 GW currently to 7.6 GW by the end of 2035.
In a similar report published in 2017, Elia said it expected the country's PV capacity to reach 18 GW in 2040.
“Electrification and digitalization are triggering a transformation of the Belgian electricity system,” the report's authors stated, noting that the capacity remuneration mechanism (CRM) will be widely utilized to ensure existing and new capacity. “While adequacy is ensured in the short term, additional capacity will be needed from 2028 onwards to maintain the country’s security of supply.”
CRM auctions are pointed out as a potential tool to increase battery storage capacity while keeping “vital” thermal capacity online.
“However, complementary structural measures could be considered to safeguard long-term reliability,” the report noted. “A critical enabler of the ongoing transition is the accelerated development of flexibility across the entire Belgian energy system. From consumer-side response and storage to controllable renewables, flexible resources are essential for managing volatility, ensuring grid stability, and making efficient use of surplus levels of renewable generation.”
Solar and wind power curtailment is mentioned in the report as one of the main measures intended to increase system flexibility.
9. C&I segment driving Turkey’s new solar boom
Turkey installed about 2.8 GW of PV capacity in the first five months of 2025, according to data from the Ministry of Energy and Natural Resources.
“The real installed capacity for this year so far, however, is around 2.6 GW, as 0.2 GW is represented by PV systems installed in previous years that were not registered correctly,” Yusuf Bahadir Turhan, president of Turkish NGO Solar3GW, told pv magazine. “This is due to lacking data from grid operators of organized industrial zones as they are not as disciplined as conventional grid operators in Turkey.”
Turhan said that of the 2.6 GW installed so far this year, about 0.5 GW came from utility-scale projects awarded in the YEKA GES auctions in 2023. The remaining 2.1 GW consists of “unlicensed” systems developed for self-consumption by large energy users.
“In these projects, electricity cannot be commercially marketed but can only be subject to net-metering with its related consuming point,” said Turhan. “Net metering rules for commercial and industrial consumers came into force in 2023, but businesses have begun to invest heavily in solar under net metering only recently, which is why this much capacity has become online from the beginning of this year.”
Turhan said he expects Turkey to add about 5 GW of new PV capacity in 2025.
Fluctuating and high energy prices have driven solar adoption among both small and medium-sized businesses and large corporations.
In April, the government raised electricity prices by 25% for residential users and 10% for commercial and industrial consumers. Natural gas prices also rose by 20% and 24.2% for the same groups, respectively. Turkish media reported that the Energy Market Regulatory Authority (EPDK) approved the increases at the request of electricity distribution companies facing financial difficulties.
Turkey’s cumulative installed solar capacity reached 22,648 MW at the end of May, according to figures from the Ministry of Energy and Natural Resources.
The ministry reported that solar capacity stood at 14,995 MW at the end of May 2024, indicating more than 7.6 GW of solar added over the past 12 months.
In October 2024, the government’s 2025 budget proposal set a target of 22.6 GW of cumulative solar capacity by the end of 2026, up from 18.8 GW this year.
10. Largest UK solar plant goes online
The largest UK solar plant to date is up and running. Construction is complete at the 373 MW Cleve Hill Solar Park and commercial operations have begun. The project is now able to export 100% of its capacity to the grid, more than four times the electricity exported by the next largest operational UK project, according to project developer Quinbrook.
Cleve Hill was the first solar and battery energy storage system (BESS) project to be granted consent through the UK government’s Nationally Significant Infrastructure Project process in 2020 – its 150 MW/300 MWh co-located BESS remains under construction.
The project has made headlines throughout its development. In 2022, Cleve Hill secured the largest award for a solar project in the fourth allocation round of the UK government’s Contracts for Difference (CfD) scheme. The project also broke records in fall 2024 when Quinbrook signed the largest UK PPA to date with supermarket retailer Tesco for 65% of the site's capacity, as well as a 10-year route-to-market agreement with Shell Energy Europe Limited, which will see the energy giant trade the remaining 35% capacity contracted through Cleve Hill's CfD.
Financial backing for the project includes a GBP 218.5 million ($299.8 million) term loan and a GBP 20 million VAT facility with Lloyds and NatWest, which Quinbrook said makes it the largest solar and storage project financing undertaken in the United Kingdom to date.
Cleve Hill was initially developed as a joint enterprise between Wirsol and Hive Energy, before Quinbrook acquired the project in 2021. Construction started at the site in early 2023.
In a press release, Keith Gains, managing director and UK regional leader for Quinbrook, described Cleve Hill reaching commercial operations as a “major technical, construction and financial achievement four our teams, our partners and investors.”
11. German castle now hosting brick-red PV system
A PV system with brick-red solar modules has been installed on the listed Blumenthal Castle in Bavaria, Germany.
The 120 kW system is the largest of its kind in Bavaria to date, according to Italian module manufacturer FuturaSun, which supplied its red-colored FU370M Silk Nova RED panels for the project in Aichach.
German installer Elektro Schnepf GbR mounted the panels on 640 m² of the castle’s roof. The inverters were supplied by German manufacturer SMA, and the mounting system came from Schletter.
A recent amendment to the Bavarian Monument Protection Act and the use of color-matched modules enabled the installation, the companies involved said. Previously, installing a PV system on the protected roof was not permitted. With the brick-red modules, the system blends “unobtrusively” into the historic structure and received approval under heritage protection rules.
Roughly 60% of the electricity generated is consumed on-site. The former Fugger Castle now operates as a hotel with a restaurant and a cheese dairy.
“With our Silk Nova Color technology, we demonstrate that solar modules don't have to be exclusively black,” said Ricarda Gutsch, country manager Germany at Futurasun.
The PV system also fits into the castle’s comprehensive ecological concept. The heating system runs on wood chips, a private car-sharing service is available, and rainwater is partially used for irrigation.
“With the red PV system, we are not only reducing our electricity costs, but also proving that historic preservation and climate protection can go hand in hand,” said Joachim Back, the castle director. “Blumenthal Castle sees itself as a model project for a livable, public-welfare-oriented future.”
12. Hurricane, haze impact June’s solar production across Mexico, eastern U.S.
North America saw a turbulent start to summer, with major weather impacts on solar production across the continent. Mexico endured the earliest major hurricane on record, with cloud impacting irradiance significantly, while high pressure systems brought sunshine and dry conditions to the U.S. West. In the rest of the U.S., wildfire smoke and persistent cloud suppressed irradiance over most of the central and eastern regions. These trends defined a month of mixed solar performance, according to analysis using the Solcast API.
Hurricane Erick, which formed in mid-June, intensified into the season's first major hurricane and the first on record to hit Mexico before July. Despite being downgraded to a tropical depression upon landfall in the latter half of the month, Erick still delivered destructive winds up to 145 mph and torrential rains, causing landslides, infrastructure damage, and widespread power outages. The heavy cloud cover and storm conditions helped drive irradiance across central Mexico to dip by up to 30% compared to a typical June, a stark decline for a region usually favoured by early summer sunshine.
Meanwhile, the western half of the continent experienced markedly different conditions. While much of North America was exposed to aerosols from Canadian wildfires early in the month, prevailing westerly winds shielded the western U.S. and British Columbia from smoke-related solar losses. Combined with a persistent high-pressure system off the U.S. west and east coast, this brought dry air and clear skies, resulting in irradiance levels approximately 10% above the June norm. A similar effect was seen in far Eastern Canada, particularly in Nova Scotia and Newfoundland and Labrador, where cloud suppression led to above-average sunshine.
These high-pressure systems also drove broader climatic effects, contributing to dry spells across large parts of the U.S., where over a quarter of the country entered drought conditions. In the east, however, the story was different. While Canadian wildfires continued to generate aerosols, the eastern U.S. faced increased cloudiness that compounded the aerosol impacts. This combination led to irradiance deficits of up to 20% below June averages. By late June, Nova Scotia declared a heat wave, with daytime highs surpassing 30°C.