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Top 10 Solar Panel Producers In 2023
It’s 2023, and it’s time to update the MySolarPerks Top 10 solar panel manufacturer rankings. Once again, our team of experts selected the world’s top brands based on how well they perform in the most critical aspects that contribute to long-term stability and consumer happiness in the residential solar sector.
We place special focus on the price-to-value ratio of each manufacturer’s products, as well as the financial success of each firm because these brands must combine extensive sales with the capacity to be around and service their consumers for decades to come.
This year’s rankings feature notable changes as prior name brands modified how they operate, some corporations departed the sector, while other large international companies suffered substantial defeats in the U.S. market. More on that later.
The Top 10 Manufacturers
More information about each of the brands
1: Qcells
Qcells (formerly Hanwha Q CELLS) of Korea does not produce the most technologically sophisticated solar panels on the market.
However, the firm produces high-quality modules and services in the US market better than any other brand.
Qcells said in early 2023 that it will significantly boost its solar material production in the United States, including the ingots, wafers, and cells that comprise the early stages of the module manufacturing process.
In Dalton, Georgia, the firm now produces 1.7 GW of modules each year, with ambitions to increase that capacity to more than 8 GW in the near future. This addition should complement the company’s existing market-leading services.
Qcells solar panels were utilized in around 25% of solar installations in California in 2022 (the state accounting for 40% of all household solar installations in the country), up from 16% in 2021.
The current flagship model in the US market is the Q.PEAK DUO BLK G10+, which uses 120 half-cut PERC solar cells and produces between 350 W and 370 W under typical test settings (STC). Qcells provides 25-year product and performance guarantees to residential customers in the United States.
These modules function well and outperform industry averages in terms of performance and lifespan.
Speaking of longevity, the company’s lengthy history as a subsidiary of Hanwha (one of the world’s most powerful business groupings) and ambitions for domestic development say eloquently about its dedication to long-term success. The aforementioned growth over various Georgia sites will help it maintain its lead in the home solar industry, and its entry into energy storage with the Q.HOME CORE line will open up new channels for public awareness and income.
2: Canadian Solar
Canadian Solar ranks second in this year’s rankings, owing to its 20-year track record of market success, financial performance, and value for money. The company’s products are created in China and Canada, but there have been speculations that it is considering opening a production site in the United States in the future.
At this time, Canadian Solar has avoided the issues that have stopped other big Chinese-made companies from selling panels in the United States under the Uyghur Forced Labor Prevention Act. This is a fluid issue, and US Customs may look into additional Chinese producers in the future.
The HiKu6 and HiKu Black series are now the finest Canadian solar panels for home usage. These modules feature 108 half-cut PERC cells to provide up to 420 W of STC output, and they are now backed by a 25-year quality and performance warranty from Canadian Solar.
3: Maxeon/SunPower
Maxeon has long manufactured some of the world’s highest-efficiency solar modules, which also happen to be the least prone to deterioration over time. They certainly are a notch above, with their great performance in low light, very low-temperature coefficient, and little yearly deterioration.
Unfortunately, that level of performance and quality comes at a cost. In terms of dollars-per-watt, Maxeon modules are towards the top of the market, selling for a significant premium that frequently outweighs the advantages of their higher performance (i.e., a 20 to 30% premium for 5 to 10% relative increases in efficiency and output).
SunPower installers used to be the exclusive source for the company’s interdigitated back contact (IBC) modules in the United States, but that has changed significantly this year. Maxeon and SunPower inked a new exclusive deal on January 5th, 2023, but exclusively for Maxeon 6 panels, which are white branded as SunPower M-Series solar panels. Maxeon 3 series solar panels are now accessible for the first time to other North American installers, supplied by Greentech Renewables and backed by an industry-leading 40-year warranty.
It will be fascinating to watch how Maxeon’s growth into the larger United States market translates into market share. The firm lost $285 million between Q4 2021 and Q3 2022 (and hasn’t made a profit since splitting from SunPower in 2020), but it expects a considerable increase in demand in the coming years as its Mexican factory ramps up manufacturing of the 3 Series Modules. We’ll keep an eye on it to see if it can turn things around.
4: REC Group
REC, a Norwegian business currently controlled by Mumbai-based mega-conglomerate Reliance Industries Limited, ranks fourth for 2023. REC manufactures heterojunction and TOPCon solar cells, as well as modules that compete with Maxeon in terms of performance, quality, and endurance. In reality, REC outperforms Maxeon in terms of temperature coefficient.
REC has also taken over the production of Panasonic’s high-performance heterojunction modules. Again, these super-high-efficiency panels are more expensive, but their long-term performance speaks for themselves.
In 2023, REC’s N-Peak 3 Black modules will be available in the United States, as will sales of REC’s renowned Alpha Pure and Twinpeak product lines. REC, like other leading module manufacturers, has lately matched its 25-year performance promise with a 25-year product warranty for its finest modules.
REC solar panels remain a preferred choice for individuals who seek the finest money can buy, thanks to its top-tier technology and outstanding performance history. Still, we’ll be on the lookout for any significant changes in factory growth plans under the new management.
5: Jinko Solar
Jinko Solar, a huge Chinese firm with a significant presence in the United States, rounds out the top five. Every year, the business manufactures 400 MW of solar panels in Jacksonville, Florida, accounting for approximately 9% of its yearly production capacity.
Jinko is one of the world’s top solar producers, with over $6 billion in sales reported between Q4 2021 and Q3 2022—an increase of more than 24% over the previous year. The Eagle 66TR G4, which delivers approximately 21% efficiency and reached this year’s PVEL top performance list, is one of its best residential modules.
We’ll be waiting to see if Jinko extends its domestic production in the aftermath of the IRA and if it can boost its market share in the United States. According to California data, the brand’s products were installed in around 2% of household solar systems in 2022.
6: JA Solar
JA Solar, perhaps best known for its supersized utility-scale solar modules, is a massive (and massively profitable) Chinese corporation, with sales increasing by more than 35% in 2022 compared to 2021.
JA’s share of the residential solar market has expanded by leaps and bounds in the last year, much like its revenue. Its devices are currently used in 2% of house installs in California, up from 0.4% a year earlier. The brand is poised to become a household name in the United States, with a 2 GW production plant set to open by the end of 2023.
The 54- and 60-cell modules employing half-cut mono PERC cells are JA’s bread-and-butter products for the domestic market. They deliver wonderfully and provide fantastic value for money.
JA Solar is a Chinese firm subject to taxes and charges, although its goods face lesser levies than others, thanks in part to lengthy testimony and documentation given to the Department of Commerce. As a result, the company’s products are noted for their low pricing, making them a great alternative for low-cost installations in a market with few options.
7: Silfab Solar
Silfab, ranked seventh in our rankings, is a North American maker of solar panels that have proven particularly popular in the age of tariffs and trade restrictions. Silfab’s Prime and Elite solar panel lines are good in their own right, and the firm appears to be set to continue producing high-quality modules and developing in the future.
To that end, the firm has committed to continue growing its production facilities in the United States and is collaborating with Endurans Solar to pioneer a new technique to manufacturing back-contact solar modules that is both ecologically responsible and visually pleasing. Meanwhile, existing goods are covered by 30-year performance guarantees and 25-year product warranties.
8: Mission Solar
Mission Solar is a solar module manufacturer situated in the United States that is owned by the Korean conglomerate OCI Company Limited. We appreciate an American company, and Mission is proud of its legacy of producing solar modules in San Antonio, Texas.
We still don’t have access into the brand’s financial success—parent company OCI is publicly listed and produces financial statements that don’t break down the profitability of its solar business. If Mission can demonstrate strong financial success, it may be able to move up a notch or two in the rankings.
Mission, like practically every other company on this list, now provides 25-year product and performance guarantees on its modules. The company’s current top home solar panels are made up of 66 mono PERC solar cells and can produce up to 400W STC at 19.9% efficiency.
9: Hyundai Solar
Hyundai solar panels are manufactured by Hyundai Energy Solutions, a subsidiary of the Korean conglomerate Hyundai Heavy Industries. The XG series, which has 120 half-cut cells and offers outputs ranging from 350 to 375 W based on overall module efficiencies ranging from 19.2% to 20.6%, is the company’s current flagship module.
Hyundai solar module sales account for a very minor percentage of the residential solar market in the United States. Nonetheless, anyone contemplating these modules for their house should be encouraged by the company’s lengthy history and financial success. Hyundai is a big business group with the substantial finances required to ride the solar industry’s ups and downs.
10: Phono Solar
Phono Solar takes the final position in our 2023 manufacturer rankings. The firm, which was founded in 2007, is a subsidiary of the Chinese government-controlled SINOMACH Group. The company’s goods aren’t as well-known in the United States as some of the others on our list, but they’ve been there for a long time and we’ve never heard anything negative about them.
Phono’s best solar panels, TwinPlus and TwinPlus Pro, have modules with efficiency much exceeding 21%. That’s a fantastic figure, and when paired with the brand’s cost, which is around typical for the industry, it’s a significant reason why Phono is on our list.
Ranking considerations
Now that we’ve gone through each of the top ten brands, here’s some information on the data we gathered and processed to create the 2023 solar panel brand rankings:
Ranking factor | Points (out of 50) | What is covered |
Value | 15 | Average wholesale per watt pricing |
Company financial performance | 10 | Publicly traded, financial statements available, operating revenue, positive net profit, year-over-year revenue growth |
Module quality | 10 | Efficiency, temperature coefficient, and inclusion on the PVEL Top Performers list in 2022 are all factors to consider. |
Warranty | 5 | Years of product and performance warranty coverage |
Investment in the U.S. | 5 | Headquarters or offices in the United States, production capacity in the United States, and participation in trade exhibitions |
Dealer network | 5 | Market share as a percentage |
A short glance back at 2022 to see how we got here
The solar sector had a banner year in 2022. President Biden took unilateral action to promote solar in June, and the Inflation Reduction Act was soon passed in August. These two government initiatives are the most important moves forward in the history of the US solar sector. The repercussions are already being seen, as some of the corporations mentioned below have announced new production sites in the United States, and there is talk of restarting raw materials manufacturing.
Solar panel producers have reaped major benefits from a rise in global demand for solar as governments set aggressive emission reduction objectives and seek greater energy independence. Some of the firms on this list will see revenue growth of more than 50% year on year in 2022 while existing players will be more bankable than ever. There has never been a better moment to be a maker of solar panels.
The solar business faced problems in 2022, as it has every year since the outbreak began. There were supply shortages, tariff and trade wars, and problems with certain Chinese modules in US ports. As previously stated, these hiccups in the road have prompted a shift in the SolarReviews brand rankings, as has the closing of LG Solar and Panasonic shopping out the manufacturing of its modules.
Nonetheless, all of our challenges and victories have resulted in a new high watermark for the industry. All of the companies in our rankings have the potential to become household names as the sector begins to service the millions of U.S. residences and small businesses that have yet to install solar panels.
Leading brands that did not make the cut
Sharp observers of the solar sector will have noted a few of notable exclusions from the list above. Longi and Trina, two major Chinese solar businesses, provide goods that are on par with some of the greatest brands on the list.
Both firms are extremely profitable and will probably exist for a long time. LONGi’s products alone account for more than 14% of home installations in California in 2022, and the business’s solar panels have the greatest efficiency of any manufacturer on this list, at 21.8%. Trina also provides modules with efficiency levels of up to 21%. They would have taken first and seventh place if we had included them in our list.
Both firms have been discovered to dodge US tariffs, and both have had their products confiscated by US Customs and Border Protection (CBP) owing to fears that they contain items made employing forced labor. Because of the seizures, LONGi and Trina have ceased exporting items to the United States.
This is a developing story that we will constantly monitor as 2023 advances. As additional information becomes available, we will update this post.
Among the brands featured in our rankings: Canadian Solar was also discovered to be skirting tariffs, and Jinko had modules confiscated by CBP, some of which were eventually released. However, Jinko was specifically determined not to have cheated the AD/CVD taxes, since both businesses build modules in the Americas as well as internationally.
Final thoughts
With Qcells’ $2.5 billion investment in its U.S. manufacturing base kicking out the year in style, 2023 promises to be jam-packed with major news. We’ll be looking to see how many more corporations announce significant new investments in domestic manufacturing. We’ll also be on the lookout for news on raw material sourcing, which will most certainly come as a result of the IRA incentives.
We’ll also be watching to see how the major Chinese corporations react to the AD/CVD judgments and whether they can effectively get their products through US Customs and into the hands of installers.
Finally, we’ll keep a watch on several of the above-mentioned firms when they begin shipping their new energy storage solutions. Any firm that effectively combines solar, storage, and smart load management in an inexpensive, streamlined system that most homes want will undoubtedly be towards the top of our list for many years to come.
Nearly 92% of U.S. houses do not yet have solar panels, indicating that the sector has a big possibility to develop, and the top contenders of the future are being determined now.
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