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. 

While the LevelTen report’s executive summary points to “a brief but golden window for buyers” looking to take advantage of current SBTi rules before updates for contracts signed after Jan. 31, 2027 become final , the authors promise more thorough advice regarding “how buyers can leverage a number of procurement fast lanes to thread the SBTi Needle” included in the full report.

New methodology

For the Q3 2026 report, LevelTen Energy has adopted a new methodology, displaying a “Market Index” number that represents the relative growth (or lack thereof) in PPA prices over the previous eight quarters. Prior to the most recent report, the chart displayed PPA price benchmarks for the preceding eight years.

The new figure represents an aggregate of pricing trends for individual markets, weighted based on the size of the offer pool and the number of offers within the market. In total, the market indices for wind and solar have risen 27.5% and 12.7%, respectively since Q3 2024.

The benchmark P25 (25th percentile) prices for Q3 2026 were listed as $64.23/MWh for solar and $68.27/MWh for wind.