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Solar Module Prices Jump 33% in Weeks, Putting ₹2.1 Trillion of Indian Renewable Projects at Risk

January 20, 2026 3 min read
author Anamika Mishra, Sub Editor
Solar module prices have risen sharply by nearly one-third since late December, sending ripples across India’s renewable energy industry and raising concerns over project viability. The sudden increase is being driven by higher silver and aluminium prices, depreciation of the rupee, and fresh disruptions in global supply chains after China tightened wafer quotas and withdrew a 9.00% value-added tax refund. Component Costs Spike Rapidly The cost pressure is most visible in photovoltaic cells, where prices have surged in a matter of weeks: Component: Photovoltaic CellsPrevious Price: 3.50 cents per watt peakCurrent Price: 5.50 cents per watt peakChange: +57% Module prices have also climbed, translating into an additional ₹20.00 lakh per MW for developers, compared to earlier module

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