According to the LevelTen Energy Q3 2025 North America PPA Price Index Report, P25 solar PPA prices increased by 4% quarter over quarter, driven largely by President Trump’s ‘One Big Beautiful Bill’ Act and Treasury guidance on tax credit qualification. Prices are also being driven up by tariffs that have taken effect on metals such as steel, copper and aluminum.
In the report, LevelTen states that in response to these policy shifts, developers ‘are working hard to safe harbor as many projects as possible – helping bolster tax-credit-eligible project supply for buyers’.
In terms of wind, a similar trend is visible. P25 wind prices rose by nearly 5% in Q3, and show a 14% rise year over year.
Again, LevelTen highlights the impact of policy headwinds, such as shifts in federal review and approval processes and the revoking of project approvals granted under the previous administration. Prices are going up and wind developers require prospective buyers to be open to risk-sharing.