North American large-scale solar power purchase agreement (PPA) prices have broken through the $50/MWh mark, according to a report from renewable energy information and trading platform LevelTen Energy. In Q3 of 2023, the PPA price reached $51.23/MWh, a 4% increase from the previous quarter and a 21% increase year-on-year, marking the first time the price has exceeded $50/MWh since LevelTen began tracking the data in 2018. Analysts explain that the growth is mainly due to price increases in PJM and SPP, as well as higher solar bids in the LevelTen Index ISO-NE.

LevelTen Energy said that as there is no indication that prices will drop in the future, and with corporate buyers assessing other ways to achieve their renewable energy goals, PPA trading on the LevelTen market has started to cool down.