The People’s Republic of China (PRC) is the leader in manufacturer and purchaser of solar photovoltaic (PV) panels in the world. Over the past few years, the cost for PV panels has been declining due to new technology and increased competition, primarily in the PRC.
Historically, the government of the PRC has been the largest purchaser of PV panels. On June 1, 2018, the government announced it would terminate projects that would stop the purchase of 20,000 MW of new solar PV
panels. The announcement immediately created a global glut in solar PV panels. The average price for new solar PV panels has slumped 4.8% since May 30, 2018. Industry experts predict the price for new solar PV panels may slide another 30% by year end.