From April 2021 to November 2022, the price of Chinese solar modules ranged from $270 to $300 per kW. As of December 2023, our price tracking (which cites the Shanghai Metals Market) is down to $152 per kW, and recent individual sales deals for Chinese utility-scale projects have started going below $140 per kW. The polysilicon price decline is mostly complete, now the new source of price declines is overcapacity in every link of the supply chain. While demand has skyrocketed, with global installations leaping from 240 GW in 2022 to 398 GW expected this year, then 550 GW expected in 2024, it is going to grow much more gradually from 2024 onward, less than doubling by 2030. Meanwhile global…