Tornike Darjania, co-founder of Helios Energy and the Georgian Solar Energy Association, stated that the cumulative effect of the global rise in solar panel prices amounts to roughly a 30% increase in panel prices. As a result, the overall cost of developing solar power projects in Georgia is expected to rise by at least 15%, significantly impacting project economics for investors.
The global solar panel market has entered a new phase after years of falling prices, with costs climbing rapidly and reshaping investment calculations worldwide. In 2026 alone, solar panel prices have already increased by around 20%, and market participants expect a further 9–10% rise from April, driven by higher prices for main raw materials such as silver and other non-ferrous metals, as well as policy changes in China.
Projects still awaiting preliminary technical approvals from the Ministry of Economy are particularly exposed. Some investors, anticipating price increases, began construction or purchased equipment before securing formal memorandums, and are now being forced to revise their business models. Others remain in limbo, holding off on procurement while approval processes continue.
Financing conditions further complicate the picture. With bank lending rates currently being around 9–9.5%, higher capital costs combined with more expensive equipment are prompting many developers to reassess feasibility. Darjania warned that under the new pricing environment, certain solar projects may no longer meet investors’ return expectations, potentially slowing solar energy expansion in Georgia.
