Our initial assumption heading into 2024 was that the prices for Chinese solar panels (also cells, wafers, polysilicon, and so on) would fall to the marginal cost of production, with production capacity growing to 1,100 GW and demand growing to ‘only’ between 500 GW and 600 GW (up between 25% and 50% from 2023, and more than double than 2022 figure). The price of solar modules has trended, broadly speaking, from $240 per kW in 2020, to $280 in 2021 and 2022 during the polysilicon shortage, then $210 in 2023 as the shortage eased, and has fallen to around $110 per kW this year. And for a brief moment, prices did fall to what we believe was, more or less,…