Solar panel manufacturers struggle to cope with Chinese competition

Chinese solar panel manufacturers have doubled their production capacity by 2023 and are currently producing three times more panels than global demand can absorb, according to the International Energy Agency. The price of panels has reportedly fallen by 50% in the last year, and Chinese solar panels are currently trading at $110 per kilowatt. US producers are finding it hard to compete with China, despite the substantial subsidies introduced by the US government (Inflation Reduction Act). US panel imports, mainly from China, rose from 1 GW per month in January 2022 to 5 GW per month last November.