| Work Detail |
The reduction in equipment costs has brought the cost of a Wp from 2.66 to 2.53 reais, compared to the previous period. In projects of more than 15 kWp, the reduction reached 10%. Minas Gerais registered the largest drop, with a reduction of 144% and a cost of 2.70 reais (0.47 dollars)/Wp.
The average price of solar energy in Brazil for households fell by 5% in the third quarter of 2024, from 2.66 to 2.53 reais per Wp, compared to the previous period. The reduction was driven by the continued fall in the cost of equipment. The data was mapped in the Radar study, an indicator that quarterly assesses the price of solar energy, conducted by Solfácil, a solar solutions ecosystem.
The reduction was even more significant for projects with more than 15 kWp of power, which experienced a 10% drop. These systems, which serve businesses and industries, now cost R$2.28/Wp, a significant change for a segment that has traditionally been more resistant to price reductions. The more affordable offer for large consumers is seen as a relief and should boost the adoption of new projects in the corporate sector.
“We are experiencing a milestone in solar energy in Brazil. The cost of distributed generation has never been so affordable. Brazil is already one of the world’s leading solar markets and with costs continuing to decline, more people are expected to choose to invest in this economical and sustainable energy source,” says Solfácil founder and CEO Fabio Carrara.
States with the biggest price drop
In the state ranking, Minas Gerais stood out with the largest price drop, recording a 14% reduction, bringing the cost to 2.70 reais/Wp. Sergipe also recorded a significant reduction, of 12%, followed by Goiás (10%, to 2.46 reais/Wp). In São Paulo, the price fell by 8%, to 2.43 reais/Wp, and Alagoas followed the same trend, closing the quarter at 2.35 reais/Wp.
On the other hand, Rio Grande do Sul was the only state that did not register a drop, keeping its prices stable after the impacts of the floods that occurred in the second quarter. The stability of costs in the South region, even with a 3% drop in the quarter, consolidated the region as one of the most expensive in the country for solar energy, surpassed only by the North, which registered a timid reduction of 3%.
The Midwest remains the cheapest region for solar energy
The Midwest has consolidated its position as the cheapest region to install solar energy in Brazil, with a significant price drop of 7% between quarters. The region is far from the national average, with a value 0.12 reais/Wp below the rest of the country.
The Northeast, on the other hand, recorded the second-largest price drop in the country, with a 5% reduction compared to the second quarter of 2024. The Southeast was the region with the largest price decrease in the quarter, recording a decrease of 8%.
On the other hand, the North and South remain the most expensive regions to install solar energy. In the North, the reduction was only 3%, the lowest among Brazilian regions.
The South, despite recording a 3% drop, has also consolidated its position as the second most expensive region for solar energy in Brazil, surpassed only by the North. The stabilization of prices in Rio Grande do Sul, due to the floods that affected the state in the second quarter, prevented a more pronounced drop in the region.
Investor brands are repositioning themselves
The inverter market has also seen significant changes. Goodwe overtook Deye to become the most present brand in solar financing applications across Brazil. Deye, traditionally strong in smaller systems, continues to dominate this segment, but Goodwe has been gaining ground in larger projects. Solis also grew in the market, overtaking Growatt and taking third place in the ranking of most requested brands in the quarter. |
