Solar Module Prices India 2026: Monthly Tracker

The short answer

Indian solar module prices in 2026 remain range-bound: domestic ex-works Mono PERC sits near Rs 13.8/Wp (500 Wp class), TOPCon near Rs 14.2/Wp, while DCR TOPCon — required for subsidy projects — trades at ~Rs 22.3/Wp and rose 9.4% MoM in May 2026 as ALMM List-II cell supply tightened. For C&I turnkey plants, Sun Wave's CAPEX reference is Rs 23,000 per kW at 100 kW and Rs 22,000 per kW at 500 kW (ex-GST, qualifying rooftop projects) with modules at 40-50% of project cost; procurement risk in 2026 comes from the DCR premium and ALMM List-II timing, not base module prices.

TL;DR: Track three price lines every month: non-DCR Mono PERC (~Rs 13.8/Wp ex-works, April 2026), non-DCR TOPCon (~Rs 14.2/Wp), and DCR TOPCon (Rs 22.3/Wp, +9.4% MoM in May). Module prices are only ~40-50% of a C&I turnkey plant, so a Rs 2/W module move moves turnkey by ~Rs 1/W — model it, don't chase it. ALMM List-II domestic cells are mandatory for subsidised projects since June 2026 (exemption to 31 Dec 2026 for net-metering/open-access projects).

The price bands that matter in 2026

JMK Research's monthly RE update is India's most-cited domestic module price tracker. Latest readings:

Context matters: global TOPCon module prices rose 13.8% MoM in April 2026 (JMK), but Indian domestic non-DCR prices fell 3% as new domestic capacity (Waaree's subsidiary commissioning 3 GW at Samakhiali, Gujarat) came online. From June 2026, subsidised projects need ALMM List-II domestic cells — the compliance wedge between DCR and non-DCR is now the biggest price variable for PM Surya Ghar-scale projects, and the exemption timeline (31 December 2026) is the deadline that matters. Our ALMM List-II exemption explainer covers the rules.

What a C&I buyer actually pays: module vs turnkey

Module price is not plant price. A turnkey C&I rooftop breaks down roughly:

So a Rs 2/W module move shifts a turnkey plant by roughly Rs 0.8-1/W (2-2.5%). That's why chasing module price movements matters less than contract structure: fixed-price EPC with defined module SKU, ALMM model verification at delivery, and warranty terms. Sun Wave's turnkey CAPEX reference for C&I rooftop plants: Rs 23,000/kW at 100 kW and Rs 22,000/kW at 500 kW, ex-GST, qualifying projects — full size-band economics in our commercial solar cost guide and 100 kW system cost guide; MW-scale ladder in the solar EPC cost per MW guide.

What moves Indian module prices (and what doesn't)

• Polysilicon and cell pricing. Global M10 TOPCon cell prices fell ~12.7% MoM in April 2026 while global module prices rose 13.8% — different points of the value chain moving differently, so track cell vs module separately.
• DCR wedge. The List-II cell mandate wedge (DCR TOPCon at Rs 22.3 vs Rs 14.2 non-DCR) is the largest single price factor for subsidised projects — see our ALMM clarification guide.
• ALMM List-I supply. The 50th List-I revision took module capacity past 217 GW (Aug 2026) — coverage here — so module availability is not the constraint; domestic cell availability for List-II is.
• GST at 5% on renewable-energy goods (with the 70:30 project valuation split) — see the solar GST & ITC guide.
• What does NOT move C&I turnkey much: retail kit prices for 3 kW residential systems. C&I buyers should track ex-works module + BOS + EPC benchmarks, not retail kit listings.

Frequently Asked Questions

What is the price of solar modules in India in 2026?

Domestic ex-works prices (JMK Research, April 2026): Mono PERC 500 Wp at Rs 13.8/Wp, TOPCon at Rs 14.2/Wp, and DCR TOPCon at Rs 22.3/Wp. Non-DCR prices eased ~3% MoM in April; DCR TOPCon rose 9.4% MoM in May as ALMM List-II cell demand tightened supply. C&I turnkey plants land on Sun Wave's CAPEX reference of Rs 23,000/kW at 100 kW and Rs 22,000/kW at 500 kW, ex-GST.

Why is DCR solar panel price higher than non-DCR?

DCR (Domestic Content Requirement) modules use domestically manufactured cells under ALMM List-II, and domestic cell capacity is still scaling relative to module demand — hence the ~Rs 8/W wedge between non-DCR TOPCon (~Rs 14.2/W) and DCR TOPCon (~Rs 22.3/W). Projects under PM Surya Ghar and other subsidised schemes must use DCR modules; most C&I plants (net metering/open access) can use non-DCR modules under the exemption extended to 31 December 2026 — see our ALMM List-II exemption guide for the current status.

Will module prices fall in late 2026?

Directionally, yes for non-DCR: Indian capacity additions (Waaree's 3 GW Samakhiali commissioning in April 2026) and stable-to-falling cell prices point to soft non-DCR prices. DCR prices may stay elevated or rise further as List-II cell demand concentrates on domestic lines — the May 2026 DCR +9.4% MoM move shows the wedge widening, not closing.

How much of my solar capex is the module?

Typically 40-50% of a turnkey C&I plant. The rest is inverters, mounting, cabling, protection, installation and statutory approvals. That's why a 10% module-price move changes plant cost only ~4-5%, and why structure (CAPEX/RESCO/open access) and design quality dominate lifetime returns more than module ±Rs 1/W.

Which price should a C&I buyer track?

Three numbers: (1) domestic ex-works module price for your technology (JMK tracker), (2) DCR premium if your project is subsidy-linked, and (3) turnkey Rs/kW for your size band — Sun Wave's reference is Rs 23,000/kW at 100 kW and Rs 22,000/kW at 500 kW, with the MW-scale ladder in the solar EPC cost per MW guide. For multi-site procurement, normalize bids on turnkey Rs/W with the same module SKU and warranty terms — see how to read a solar EPC quote.

Sources

• JMK Research Monthly RE Update, April 2026 (module price trends: Mono PERC 500 Wp Rs 13.8/Wp, TOPCon Rs 14.2/Wp, DCR TOPCon Rs 22.3/Wp; global TOPCon +13.8% MoM; domestic -3% MoM).
• SolarBytes summary of JMK Research May 2026 update (DCR TOPCon +9.4% MoM; non-DCR stable).
• MNRE ALMM List-I 50th revision (Aug 2026, 217 GW) and List-II 9th revision (Aug 2026); MNRE OM of 18 July 2026 on List-II exemptions to 31 Dec 2026.
• Sun Wave Technologies CAPEX reference pricing — Faridabad industrial solar page (Rs 23,000/kW at 100 kW, Rs 22,000/kW at 500 kW, ex-GST, verified September 2026).
• Waaree 3 GW Samakhiali (Sangam Solar One) module capacity commissioning, April 2026 (JMK April update).

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