The increase in the prices of photovoltaic equipment, due to the rise in the dollar, the increase in interest rates and the increase in import taxes on modules, did not increase costs for consumers of residential solar energy in Brazil.
Despite the increases, the average price of residential solar energy fell 3% in the 4th quarter of 2024, falling from R$2,53/Wp to R$2,46/Wp, compared to the previous quarter. In the accumulated total for last year, the drop exceeded 10%.
The data is part of the Solfácil Radar, a report published quarterly by Solfácil based on the analysis of financing requests for residential projects, with all personal and business data kept confidential.
Average price of solar energy in Brazil in 2024:
- Q1 (1st quarter): R$ 2,76/Wp;
- Q2 (2st quarter): R$ 2,66/Wp;
- Q3 (3st quarter): R$ 2,53/Wp;
- Q4 (4th quarter): R$ 2,46/Wp.
The research indicated that the main reason for the drop in prices was the need for integrators to remain competitive in an increasingly competitive market.
As equipment prices rose, many companies were forced to lower their prices to attract customers. In addition, protracted negotiations made it difficult to pass on the higher costs to consumers.
“Integrators face a challenging scenario, in which maintaining competitive prices is crucial to avoid losing market share. This dynamic has benefited consumers, who continue to access solar energy systems at more affordable prices, but it affects the sector’s profitability,” says Fabio Carrara, CEO and founder of Solfácil.
The survey also shows that, among the power ranges analyzed, only projects of up to 4 kWp showed a slowdown in the fall in prices, with a 2% drop in relation to the previous quarter.
Although data from the fourth quarter of 2024 indicate a reduction in consumer costs, the sector is expected to face a new context in 2025, as tax changes are expected to significantly increase the price of equipment, which could impact consumer values, warns Solfácil.
Most states record price drops
According to the new report, almost all states in the country recorded a drop in the price of solar energy, with Paraná and Tocantins standing out, which led the ranking, with a reduction of 7%.
Next come Rio de Janeiro and Piauí, both with a 6% drop, while São Paulo, Acre, Mato Grosso do Sul and Rio Grande do Sul had reductions of 5%.
On the other hand, Espírito Santo (-2%), Sergipe (-2%), Amapá (-1%) were the only states to record an increase in average solar energy prices.
Central-West remains the cheapest region
As in previous studies, the Central-West remains the most accessible region for installing solar energy in Brazil, with an average cost of R$2,36/Wp, a reduction of 2% compared to the third quarter.
The South region surpassed the Northeast and Southeast and became the second with the lowest price to install solar energy, with an average cost of R$ 2,44/Wp and a 4% drop between the quarters, with emphasis on the prices practiced in Santa Catarina (R$ 2,36/Wp) and Paraná (R$ 2,38/Wp), which are below the national average.
The Southeast, in turn, recorded R$2,48/Wp, above the national average, despite a 3% reduction between the quarters. The falls, however, occurred quite disproportionately.
In São Paulo and Rio de Janeiro, the reduction was 5% and 6%, respectively, while in Espírito Santo the drop was 2%. In Minas Gerais, prices remained stable, making the state the second most expensive in the country.
The Northeast was the region with the smallest price drop in the quarter, with only a 2% reduction in prices. Even so, the average price in the region was R$2,45/Wp, slightly below the national average.
The North region showed the largest drop in prices compared to the previous quarter among all regions in the country, a drop of around 4%, distancing the region from the national average. This difference is driven by Pará, which has the most expensive average price in the country: R$2,88/Wp.
Average price of solar energy by state (R$/Wp)
- Rondônia: 2,17;
- Acre: 2,23;
- Roraima: 2,23;
- Amapá: 2,25;
- Mato Grosso: 2,29;
- Tocantins: 2,30;
- St. Catarina: 2,36;
- Amazonas: 2,38;
- Parana: 2,38;
- Large northern river: 2,39;
- Alagoas: 2,39;
- Mato Grosso do Sul: 2,39;
- Sao Paulo: 2,40;
- Holy Spirit: 2,40;
- Goias: 2,41;
- Piauí: 2,42;
- Sergipe: 2,42;
- Ceara: 2,45;
- Paraíba: 2,46;
- Maranhao: 2,48;
- Bahia: 2,48;
- Pernambuco: 2,49;
- Rio de Janeiro: 2,49;
- Federal District: 2,52;
- Rio Grande do Sul: 2,60;
- Minas Gerais: 2,70;
- For: 2,88.
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