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U.S. solar PPA prices rose in Q3 as Section 232 tariffs began to take effect

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U.S. solar PPA prices rose in Q3 as Section 232 tariffs began to take effect

Power purchase agreement (PPA) prices for solar projects in North America experienced a 4.9% quarter over quarter increase in the third quarter of 2026, marking a return to an upward trend after a decrease in the second quarter. Meanwhile, wind PPA prices remained essentially flat during the quarter after jumping nearly 14% in the past year, according to the latest Q3 2026 report from marketplace operator LevelTen Energy. 

The quarterly analysis, which included 206 price offers from 166 energy projects in six ISO territories across the United States, revealed that Section 232 Tariffs on imported polysilicon solar materials set to take effect in December are already having an effect on PPA prices offered by solar developers, while similar tariffs on steel, aluminum and copper are reportedly pushing up costs for wind developers. However, a modest decline in wind prices in the large ERCOT market offset increases in other markets during Q3.

Looking ahead, the LevelTen report asserts there are good reasons for buyers to jump into the PPA market in the near term. The authors point to a deep misalignment between federal policy and voluntary frameworks, suggesting buyers should “show up soon” to benefit from IRA-era economics by helping to ensure developers can secure project financing in time to benefit from the current Investment Tax Credit.

Additionally, while the authors point to recent pauses in clean energy procurement due to uncertainty as buyers await revisions to the voluntary Greenhouse Gas Protocol (GHGP), they suggest that changes to another voluntary framework — the Science Based Targets Initiative (SBTi) — should spur buyers into action.


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