According to data report from by PVXCHANGE.com, the price of solar panels declined significantly in 2023 across product segment. High-efficiency solar panels, from an average price of 14.3 to 9.1 THB/W. Standard quality solar panels with efficiency not exceeding 21% price decreased by 47%, from an average price of 10.7 THB/W to 5.7 THB/W. Low-cost solar panels price also decreased by 44%, from an average price of 6.8 THB/W to 3.8 THB/W. Figure 2.11 displayed the price statistics of solar panels categorized by quality from early 2023 through late 2024. These statistics indicated that solar panel prices continued to downward trend in 2024, resulting from increasing global production capacity with the estimation as follows; high-efficiency solar panels will be no higher than 4.4 THB/W, standard quality solar panels will not exceed 3.4 THB/W, and lower-cost solar panels will be priced below 2.1 THB/W.

        From a survey of retail prices of solar panels in Thailand, excluding VAT and shipping costs, using 230 samples from 12 distributors during the period from October 2024 to January 2025 (Table 2.4), it was found that the prices of PERC and N-Type solar panels from Tier 1 manufacturers ranged between 4.5 - 6.5 THB/W. The prices of solar panels from non-Tier 1 manufacturers were slightly lower, with PERC solar panels priced at 4.0 - 5.5 THB/W and N-Type solar panels priced at 3.0 - 4.5 THB/W. For solar panels certified according to the TIS 1843-2553 and TIS 2580-2555 standards, prices ranged between 12.5 - 15.0 THB/W.

        In 2023, on-grid solar power systems prices range for residential use with an installed capacity not exceeding 5 kW were between 27 - 35 THB/W, while systems with an installed capacity not exceeding 10 kW were between 25 - 33 THB/W. For commercial buildings and industrial factories, the prices of systems with installed capacity greater than 10 kW but not exceeding 1 MW were between 22 - 25 THB/W. Lastly, the prices of system with capacity more than 1 MW ranged from 20 - 23 THB/W (Table 2.5).

        Inverters used in solar power systems can be classified for specific system configurations and application into 6 types:

        Based on a price survey of different types of inverters used in solar power systems, as shown in Table 2.6, it was evidenced that hybrid inverters, both grid-connected and off-grid types, exhibited higher prices than standard inverters due to their greater versatility, allowing users to adjust their solar power generation according to specific needs and requirements.

        According to market surveys, the price of Rapid Shutdown Device (RSD), was between 1,600 - 1,900 THB for RSDs that operate on a one-unit-per-solar-panel basis, and 1,700 - 2,100 THB for RSDs that operate on a one-unit-per-two-solar-panels basis. In comparison, the prices of Power optimizers were 1,300 - 1,500 THB and were used with power systems in the range of 600 W - 800 W, as shown in Table 2.7. It was worth noting that solar power system using microinverters inherently support panel-level shutdown functionality in case of emergency, in compliance with the EIT 022013-22 safety standard.

        Two main types of batteries were typically used with solar power systems: Lead-Acid batteries and Lithium-Ion batteries. Among lead-acid batteries, the deep cycle variant could discharge more power than regular lead-acid batteries, making them suitable for applications requiring sustained current output over extended periods, such as solar energy applications. Deep cycle lead-acid batteries can be further divided into flooded type and gel type. Flooded type battery, which used liquid electrolyte solution, were less expensive, and required regular maintenance by monitoring and maintaining appropriate solution level. Gel type battery used gel electrolyte that does not evaporate, thus eliminating the need for distilled water refilling, but exhibited higher price than flooded type. In contrast, Lithium-ion batteries offered higher energy density longer lifespan and faster charging capabilities. The most popular type of lithiumion battery used was Lithium Iron Phosphate (LiFePO4 or LFP) for safety and thermal stability.

        A retail price survey in Thailand, presented in Table 2.8, showed that LiFePO4 batteries had the highest price per unit of energy stored. Gel-type deep cycle batteries had higher price per unit of electricity compared to flooded batteries. Additionally, the survey found that battery prices decreased as energy storage capacity increased.