After staying relatively stable in the past year, module prices are on the decline again. Prices of multi-crystalline modules, still the de facto choice for most Indian developers, have fallen from USD 0.23/ W to USD 0.20/ W in the last six months. Cost delta between low efficiency modules and high efficiency mono-PERC has also halved to about USD 0.02/W. Alongside fall in module prices, inverter prices and balance of system (BOS) costs have been falling steadily too (see chart below). As a result, total EPC cost including safeguard duty of 20-25% on modules and 8.9% effective GST has fallen by 13% to INR 27.60/ Wp in the same period.
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