IEA PVPS Task 13 Report Analysis: Performance and Reliability of Second-Life Photovoltaic Modules (2026)

Date: February 2026
Source: International Energy Agency Photovoltaic Power Systems Programme (IEA PVPS) – Task 13
Report ID: IEA-PVPS T13-37:2026
Authors: Gernot Oreski, Ioannis Tsanakas, Gabriele C. Eder, et al.
Analyst Note: This report provides a comprehensive technical and economic assessment of the emerging "Second-Life" PV market. It moves beyond theoretical recycling discussions to evaluate practical repair strategies, re-certification frameworks, and real-world deployment case studies. For institutional investors, this document serves as a critical baseline for understanding the scalability, risks, and value chain opportunities in the circular solar economy.

Executive Summary

The global photovoltaic (PV) industry is approaching a pivotal inflection point where the volume of End-of-Life (EoL) modules is accelerating, driven by early deployments from the 2000s and premature failures due to material defects. The IEA PVPS Task 13 report, "Performance and Reliability Aspects of Second-Life PV Modules," establishes that while technical feasibility for repairing and reusing PV modules is proven, economic viability and standardization remain the primary bottlenecks to mass adoption.

Key Strategic Insights:
1. Repair vs. Replace Dynamics: Repair is technically viable for specific failure modes (e.g., bypass diodes, backsheet cracks) but is currently labor-intensive. In markets with low module prices (e.g., current global averages), replacement is often more economically attractive than repair, except in logistics-constrained scenarios (remote/offshore) or where policy incentives (eco-contributions) bridge the cost gap.
2. Standardization Gap: The lack of unified international standards for re-qualification is the single largest barrier to bankability. However, the imminent release of an IEC Publicly Available Specification (PAS) for reused modules (expected late 2025/early 2026) will provide the necessary framework for insurance and financing.
3. Automation as a Catalyst: The transition from manual inspection to automated, AI-driven sorting (using EL, IV, and IR data) is essential to reduce the Levelized Cost of Energy (LCOE) for second-life systems. Companies investing in automated testing lines (e.g., 2nd Cycle, Solreed) are positioning themselves as key infrastructure providers.
4. Market Segmentation: Second-life modules are not a direct substitute for new utility-scale projects but find strong niches in off-grid applications, community solar, and developing markets where CAPEX sensitivity is high.

Investment Implication: The "Second-Life" PV sector is transitioning from a niche waste-management activity to a structured industrial segment. Investors should focus on companies developing automated diagnostic infrastructure, proprietary repair technologies with high throughput, and business models that integrate reuse with recycling (hybrid models). Policy-driven markets (EU, particularly France and Austria) offer the earliest scalable opportunities due to supportive regulatory frameworks.

Key Takeaways

1. Technical Feasibility of Repair Strategies

The report categorizes repair strategies based on component failure modes, distinguishing between post-production repairs (manufacturing defects) and field repairs (operational degradation).

A. Backsheet Repair (High Maturity)

• Problem: Backsheet cracking and delamination account for >40% of material-related defects, leading to reduced insulation resistance ($R_{iso}$) and safety hazards.
• Solution: Application of protective coatings (silicone, polyurethane) or adhesive tapes.
• Performance: Field data from Austria (since 2021) shows that coated modules maintain electrical stability and insulation resistance ($R_{iso} > 40 M\Omega \cdot m^2$) after 30+ months of operation.
• Limitation: Coatings cannot reverse chemical degradation (e.g., hydrolysis of Polyamide backsheets). If the polymer itself is degraded, repair is not viable.
• TRL (Technology Readiness Level): 7-9 (Commercially available).

B. Interconnect and Solder Joint Repair (Medium Maturity)

• Problem: Broken ribbons, solder bond failures, and Resistive Solder Bonds (RSB) causing hotspots and power loss.
• Solution:
  • Factory Method: Delamination, removal of EVA, re-soldering, and re-lamination. High quality but logistically complex.
  • Field Method: Localized opening of the backsheet, resin injection, and re-sealing. Reduces steps from 22 (factory) to 8 (field).
• Performance: Studies show power recovery from ~50W to ~200W in tested modules. Double-string interruptions can be repaired to restore up to 1/3 of nominal power; single-string repairs yield ~6% gain.
• Risk: Long-term reliability of field-sealed joints under thermal cycling remains a concern. Requires rigorous monitoring.
• TRL: 3-4 (Lab/Pilot scale).

C. Glass Repair (Low Maturity)

• Problem: Micro-cracks in glass-glass modules.
• Solution: Resin injection techniques adapted from the automotive windshield industry.
• Performance: Accelerated damp heat (DH) testing showed repaired modules had only 4.0-4.7% degradation vs. 7.8% for unrepaired cracked controls.
• Limitation: Only viable for minor cracks; structural integrity concerns persist for larger damages.
• TRL: 3-4.

D. Junction Box and Bypass Diode Replacement (High Maturity)

• Problem: Diode failure (short/open) and junction box water ingress.
• Solution: Direct replacement of components.
• Performance: High success rate (>90% for newer modules, ~75% for older units). This is the most common and economically viable repair.
• TRL: 9 (Standard industry practice).

(Source: IEA PVPS T13-37:2026, Table 1 & Section 2)

2. Re-qualification and Standardization Frameworks

The report emphasizes that trust is the currency of the second-life market. Without standardized testing, buyers perceive reused modules as high-risk assets.

The Qualification Workflow

A four-step framework proposed by TRUST-PV and SolarPower Europe is gaining traction:
1. Off-site Qualification: Remote analysis of historical monitoring data (PLR - Performance Loss Rate) to identify underperforming strings.
2. On-site Inspection: Visual checks, IV tracing, and IR imaging. Mobile labs are preferred to minimize transport damage.
3. Classification & Logistics: Sorting modules into "Reuse," "Repair," or "Recycle" streams. Adherence to WEEE Directive for transport.
4. Deep Technical Inspection: Lab-based testing (EL, Flash Testing, Wet Leakage) on representative samples.

Sampling vs. Individual Testing

• Sampling Method: Viable for large, homogeneous plants with consistent degradation profiles. Reduces cost significantly. ISO 2859-1 standards suggest sampling rates (e.g., G1: 200 modules for a 125k plant).
• Individual Testing: Required for damaged plants (hail/wind) or mixed batches. Emerging automated lines can process ~60 modules/hour, making individual testing increasingly feasible.

The Role of IEC PAS (Publicly Available Specification)

• An IEC Technical Report (TR) on PV module reuse is being converted into a PAS (expected late 2025).
• Key Feature: Introduction of "Reduced Maximum System Voltage" labels. Modules that fail standard insulation tests for 1000V/1500V systems may be certified for lower voltage applications (e.g., <60V or residential low-voltage DC), expanding their usable life without compromising safety.
• Impact: This creates a new market segment for "down-cycled" but functional modules, enhancing overall recovery rates.

3. Economic Considerations and Market Drivers

The economic equation for second-life PV is delicate and highly context-dependent.

Cost-Benefit Analysis

• Repair Costs: Labor is the dominant cost driver. In high-wage regions (Europe, US), repair often exceeds the cost of new modules (which have fallen drastically in price).
• Replacement Threshold: Generally, if a system is >20 years old or has widespread defects, replacement is preferred.
• Niche Viability: Repair becomes economically superior in:
  • Remote Locations: Where logistics for new module delivery are prohibitive (e.g., island grids, mountainous terrain requiring helicopter transport).
  • Warranty Claims: When manufacturers cover labor costs.
  • Policy-Supported Markets: Where eco-contributions or subsidies offset the labor cost of repair.

Case Study: India vs. Europe

• India: Lower labor costs make repair economically viable. CEEW estimates suggest repair costs for junction boxes/diodes are 50-60% of a new 350W module.
• Europe: High labor costs necessitate automation or policy support. The French "Eco-contribution" model is cited as a key enabler, potentially increasing reuse rates from ~1% to 5-7% of collected modules.

4. Real-World Case Studies: Proof of Concept

The report details four significant pilot projects, demonstrating both potential and challenges.

Case Study 1: SolarCycle (USA) – The Hybrid Model

• Model: Integrated reuse and recycling facility in Odessa, Texas.
• Operation: 500kW second-life system powering the recycling plant using ~1,000 retired modules from Ørsted and Sunrun.
• Process: Rigorous testing (Flash IV, EL) for every module. Functional modules are reused on-site; non-functional ones are recycled (recovering Si, Ag, Cu, Al).
• Key Insight: Demonstrates the synergy between reuse and recycling. By keeping the system on-site, they eliminate logistics costs and create a closed-loop energy supply for their recycling operations.
• Scale: Expanding to handle 1 million panels/year by 2027.

Case Study 2: 2nd Cycle (Austria) – Automation Focus

• Model: Fully automated refurbishment line in Amstetten.
• Innovation: Integrates cleaning with inline insulation testing. Uses AI and NIR spectroscopy for BOM (Bill of Materials) identification.
• Throughput: Pilot line aims for high-volume processing.
• Key Insight: Automation is the only path to scalability in high-wage economies. Their "individual assessment" approach avoids the pitfalls of batch processing, ensuring higher quality control for reused modules.

Case Study 3: Solreed (France) – Diagnostic & Repair Specialist

• Model: Startup focused on diagnosis, repair, and re-certification.
• Pilot Project: Collaboration with ENGIE Green and Envie (social enterprise). Processed 158 modules.
• Results:
  • Type 1 (Diode Faults): 96% success rate (101/105 modules restored). High consistency in post-repair performance.
  • Type 2 (Solder/JBox Melting): Only 11% success rate (19/104). Highlighted that systemic solder defects are difficult to repair reliably.
• Key Insight: Not all modules are candidates for repair. Pre-screening is critical. The project validated that AI-driven remote diagnostics can identify repairable batches, reducing unnecessary physical handling.

Case Study 4: CIRCUSOL Waasland (Belgium) – Community Solar PSS

• Model: Product-Service System (PSS) in a residential co-housing project. Residents pay for energy, not equipment.
• System: 231 second-life modules (59.91 kWp) + 21 kWh second-life Li-ion battery.
• Challenges: Heterogeneity of modules required advanced MPPT (Maximum Power Point Tracking) inverters to manage varying voltage/current characteristics.
• Performance: 88% self-consumption rate; 29% energy autonomy.
• Key Insight: Second-life systems work best in controlled, localized environments with smart energy management. Regulatory hurdles (grid connection limits) were a significant barrier, requiring inverter upgrades to comply with Flemish regulations.

Risks / Headwinds

While the potential for second-life PV is significant, institutional investors must navigate several substantial risks.

1. Technical and Performance Risks

• Hidden Defects: Visual inspection cannot detect micro-cracks or potential-induced degradation (PID). Without expensive EL/Flash testing, there is a risk of deploying modules with accelerated degradation curves.
• Reliability Uncertainty: Most repair techniques lack long-term (10+ year) field data. There is a risk that repaired modules may fail prematurely, leading to higher O&M costs than anticipated.
• Heterogeneity: Second-life batches often consist of mixed brands, ages, and technologies. This complicates system design, string matching, and inverter efficiency, potentially lowering overall system yield.

2. Regulatory and Standardization Risks

• Lack of Uniform Standards: Until the IEC PAS is fully adopted and nationally implemented, liability issues remain unresolved. Who is liable if a reused module causes a fire? The original manufacturer, the repairer, or the system integrator?
• Waste Classification Ambiguity: In many jurisdictions, the line between "used product" and "waste" is blurry. If a module is classified as waste, it faces stringent transport and handling regulations (WEEE Directive), increasing logistical costs.
• Grid Code Compliance: Some grid operators may restrict the connection of second-life systems due to perceived stability risks, as seen in the Belgian case study.

3. Economic and Market Risks

• Price Volatility of New Modules: The continued decline in the price of new crystalline silicon modules (driven by overcapacity in China) squeezes the margin for second-life modules. If new modules drop below $0.10/W, the economic case for reuse weakens significantly unless labor costs are negligible.
• High Initial CAPEX for Infrastructure: Setting up automated testing and repair lines requires significant upfront investment. The ROI depends on achieving high throughput, which requires a steady supply of EoL modules—a supply chain that is still maturing.
• Insurance and Bankability: Insurers are hesitant to cover second-life systems due to lack of actuarial data. Without insurance, project finance is difficult to secure, limiting deployment to cash-rich entities or subsidized projects.

4. Supply Chain and Logistics

• Collection Fragmentation: EoL modules are scattered across thousands of small residential and commercial sites. Aggregating them into volumes sufficient for industrial-scale refurbishment is logistically challenging and carbon-intensive.
• Transport Damage: Improper handling during decommissioning and transport can cause new damage (micro-cracks), rendering modules unfit for reuse. The report notes that poor handling significantly reduced the repair success rate in the Solreed pilot.

Rating / Sector Outlook

Sector Outlook: Neutral to Positive (Long-Term)

The second-life PV sector is currently in the Early Growth Phase. It is not yet a mature, standalone investment theme but is becoming a critical component of the broader Solar O&M and Recycling ecosystem.

• Short-Term (1-3 Years): Market remains fragmented. Growth will be driven by policy mandates in the EU (Circular Economy Action Plan) and pilot projects. Profitability will be elusive for pure-play repair companies without scale or automation.
• Medium-Term (3-7 Years): Adoption of IEC standards and the emergence of automated sorting facilities will consolidate the market. We expect M&A activity as larger recycling firms acquire repair tech startups to offer end-to-end solutions.
• Long-Term (7+ Years): Second-life PV becomes a standard option for specific market segments (off-grid, developing economies, community solar). The distinction between "reuse" and "recycling" blurs as modular, repair-friendly panel designs (e.g., Biosphere Solar) enter the market.

Investment Rating Implications

• For Solar Manufacturers: Neutral. Risk of cannibalizing new sales is low in the short term. However, manufacturers who ignore design-for-repair may face regulatory penalties in the EU.
• For O&M Providers: Positive. Companies that integrate diagnostic and repair services into their O&M contracts can unlock new revenue streams and extend customer relationships.
• For Recycling Firms: Positive. Firms that adopt a hybrid "Reuse-First" model (like SolarCycle) will achieve higher margins per ton than pure shredding/recycling operations. Recovering value through reuse is significantly more profitable than recovering raw materials.
• For Technology Providers: Positive. High growth potential for companies supplying automated testing equipment (EL, IV, IR), AI diagnostic software, and specialized repair materials (coatings, reversible adhesives).

Investment View

1. Core Investment Thesis

The transition to a circular solar economy is inevitable, driven by regulatory pressure (EU Green Deal, US IRA domestic content considerations indirectly) and resource security concerns. While recycling recovers raw materials, reuse recovers embedded energy and manufacturing value, offering a superior environmental and economic return if executed at scale.

The key investment opportunity lies not in the manual repair of individual panels, but in the industrialization of the qualification and sorting process. The bottleneck is not the technology to fix a diode, but the ability to rapidly, cheaply, and accurately assess 10,000 modules to determine which ones are worth fixing.

2. Strategic Pillars for Investment

A. Infrastructure Play: Automated Sorting & Testing Centers

Invest in companies building centralized "Hub-and-Spoke" networks for module assessment.
* Why: Economies of scale. A mobile lab is slow; a fixed facility with conveyor-belt automated EL/IV/IR testing can process modules at 60+/hour.
* Key Metrics: Throughput (modules/hour), Cost per Test, Accuracy of AI defect classification.
* Target Profile: Companies like 2nd Cycle (Austria) or technology providers enabling such lines (e.g., suppliers of automated EL cameras, AI software firms like those involved in the ASPIRE project).

B. Technology Play: Proprietary Repair & Design-for-Repair

Invest in IP-heavy firms developing scalable repair methods or next-gen modular panels.
* Why: Manual repair is unscalable. Chemical coatings for backsheets or reversible adhesives for junction boxes (as researched by Wanghofer et al.) offer scalable solutions. Furthermore, new panel designs (e.g., Biosphere Solar) that eliminate lamination and allow easy component swap-out will dominate the future secondary market.
* Key Metrics: Patent portfolio, TRL level, partnership with major manufacturers.
* Target Profile: Startups like Solreed (France) focusing on diagnostic IP and standardized repair protocols, or material science firms developing self-healing encapsulants.

C. Integrated Model Play: The "SolarCycle" Approach

Invest in recycling firms that vertically integrate reuse.
* Why: Pure recyclers operate on thin margins dependent on commodity prices (Silver, Copper). Reuse adds a high-margin layer. By controlling the intake, these firms can cherry-pick the top 20-30% of modules for resale and recycle the rest, optimizing total value recovery.
* Key Metrics: Percentage of modules diverted to reuse vs. recycle, Margin per module reused, Geographic coverage of collection network.
* Target Profile: Established recycling players expanding into refurbishment, or new entrants with strong logistics networks.

3. Geographic Focus

• Europe (Primary): The regulatory tailwinds are strongest here. The EU's WEEE Directive, Eco-design regulations, and national eco-contributions (France, Austria) create a protected market for second-life modules. Investors should prioritize European assets and policy-aligned business models.
• North America (Secondary): Growing interest due to supply chain localization goals. The US lacks the same regulatory push for reuse as the EU, but the sheer volume of early-deployment EoL modules creates a natural market. Focus on hybrid reuse/recycle facilities.
• Emerging Markets (Opportunistic): High potential for export of tested, certified second-life modules. Countries in Southeast Asia, Africa, and Latin America have high price sensitivity and growing energy needs. However, regulatory frameworks for import of used electronics are complex and evolving.

4. Actionable Recommendations for Institutional Investors

1. Monitor IEC Standardization Progress: The approval of the IEC PAS on PV module reuse is a critical catalyst. Once published, expect a surge in bankable projects. Position portfolios to benefit from the subsequent certification boom.
2. Due Diligence on "Bankability": When evaluating second-life PV projects, scrutinize the testing protocol. Was every module individually tested? Is there a third-party certification? Avoid projects relying solely on visual inspection or random sampling without robust statistical justification.
3. Support "Design for Circularity" Innovators: Engage with major PV manufacturers (Longi, Jinko, First Solar, etc.) on their R&D into repairable designs. Companies that proactively adopt modular, glue-free designs will secure a competitive advantage in the secondary market of the 2030s.
4. Policy Advocacy: Support industry associations (like SolarPower Europe) in lobbying for clear definitions of "end-of-waste" status for PV modules. Regulatory clarity reduces risk premiums and lowers the cost of capital for second-life projects.
5. Risk Mitigation via Insurance Products: Collaborate with insurers to develop specialized products for second-life PV. Data sharing from pilot projects (like Waasland and SolarCycle) can help actuaries model risk more accurately, unlocking broader market participation.

5. Conclusion

The IEA PVPS Task 13 report confirms that Second-Life PV is technically viable but economically fragile in its current state. The path to profitability lies in automation, standardization, and policy support.

For investors, the opportunity is not in buying used panels, but in investing in the infrastructure and technology that makes the used panel market efficient, safe, and transparent. The winners in this space will be those who can turn the chaotic stream of EoL modules into a standardized, certified, and tradable commodity.

We recommend a cautious but strategic entry into the sector, focusing on infrastructure providers and integrated recyclers in policy-supportive jurisdictions, while monitoring the technological evolution of repairable module designs. The second-life market is not a replacement for the primary market, but a vital, high-value complement that enhances the overall sustainability and resilience of the global solar industry.

Appendix: Detailed Technical Analysis of Repair Methods

(This section provides deeper technical granularity for engineering-focused investors)

A. Backsheet Repair: Material Science Perspective

The report highlights that backsheet failure is primarily a polymer degradation issue.
* Polyamide (PA) Backsheets: Prone to hydrolysis in humid, hot climates. This leads to brittle cracking.
* Repair Viability: Low if hydrolysis is advanced. Coatings can seal cracks but cannot restore mechanical strength.
* Indicator: Square-shaped cracks are a hallmark of PA hydrolysis.
* PET/PVF Backsheets: More resistant to hydrolysis but prone to UV-induced delamination.
* Repair Viability: High. Coatings effectively restore insulation and prevent further delamination.
* Coating Technologies:
* Silicone: Flexible, good UV resistance, breathable (allows moisture escape). Preferred for field applications.
* Polyurethane: Stronger adhesion, better abrasion resistance, but less flexible.
* Application: Must ensure complete filling of crack voids. Cross-sectional analysis (Fig 5 in report) shows that surface-only coating fails to restore insulation if the crack depth is not filled.

B. Interconnect Repair: Electrical Integrity

• Resistive Solder Bonds (RSB): Caused by poor initial soldering or thermal fatigue. Leads to localized heating (hotspots).
  • Detection: Lock-in Thermography (LIT) is superior to standard IR for detecting subtle RSBs.
  • Repair Challenge: Accessing the ribbon requires removing the backsheet and EVA. This compromises the module's hermetic seal.
  • Sealing: The use of resin and tape for field repairs is a compromise. Long-term data on the adhesion of these resins under thermal cycling (-40°C to +85°C) is limited. Investors should demand accelerated aging data (TC200, DH1000) for any proprietary repair kit.

C. Glass Repair: Structural vs. Optical

• Technique: Drilling a small hole, injecting low-viscosity resin, and curing with UV.
• Limitations:
  • Does not restore the original mechanical strength of the glass.
  • Refractive index mismatch between resin and glass can cause slight optical losses (minimal).
  • Primarily useful for preventing moisture ingress through cracks, rather than restoring structural load-bearing capacity.
• Application: Best suited for glass-glass modules where the rear glass is cracked but the front is intact, or for minor front cracks in non-load-bearing areas.

D. Junction Box and Diode Replacement: The Low-Hanging Fruit

• Standardization: This is the most standardized repair. Components are off-the-shelf.
• Process:
  1. Cut cables.
  2. Remove old J-box (adhesive or mechanical).
  3. Clean surface.
  4. Install new J-box (with new diodes).
  5. Seal with silicone.
• Economics: Low material cost, moderate labor. High success rate. This is the entry point for most O&M companies offering "repair" services.

Appendix: Regulatory Landscape and Policy Instruments

1. European Union

• WEEE Directive (2012/19/EU): Mandates collection and recycling of PV panels. Defines "preparing for re-use" as a priority over recycling.
• Eco-design Regulation (Upcoming): Expected to include requirements for repairability, availability of spare parts, and digital product passports. This will favor manufacturers who design for disassembly.
• National Eco-Contributions:
  • France: Soren collects an eco-fee on new panels, which funds the collection and processing of EoL panels. This subsidy makes the economics of sorting and reuse viable.
  • Austria: Similar mechanisms support pilot projects like 2nd Cycle.

2. United States

• State-Level Regulations: California and Washington have specific E-waste laws that include PV panels.
• Federal: No federal mandate for PV reuse yet. The Inflation Reduction Act (IRA) incentivizes domestic manufacturing and recycling but does not explicitly target reuse.
• Market Driver: Liability concerns and corporate ESG goals are the primary drivers for reuse in the US, rather than regulation.

3. Asia

• China: The world's largest producer and consumer of PV. Recycling regulations are emerging but focus primarily on material recovery. Reuse is largely an informal market.
• Japan: Early adopter of PV. Facing a tsunami of EoL panels. Government guidelines encourage reuse, but standardization is lagging.

Appendix: Financial Modeling Considerations for Second-Life PV Projects

When modeling the economics of a second-life PV project, investors should adjust standard assumptions as follows:

1. CAPEX Adjustments

• Module Cost: Assume 30-50% discount compared to new modules. However, add Testing & Certification Cost ($5-$15 per module).
• Balance of System (BOS): May need to be oversized. Inverters with multiple MPPTs are required to handle module heterogeneity. Cabling may need to be adjusted for different voltage currents.
• Installation Labor: Similar to new installations, but potentially higher if modules require special handling due to age/fragility.

2. OPEX Adjustments

• Maintenance: Expect higher O&M costs in the first 2-3 years as "infant mortality" of repaired defects occurs.
• Monitoring: Enhanced monitoring (string-level or module-level) is recommended to quickly identify failing reused modules.
• Insurance: Premiums may be 10-20% higher than for new systems until a track record is established.

3. Revenue Assumptions

• Degradation Rate: Assume a higher initial degradation rate (e.g., 1.0-1.5% per year) compared to new modules (0.5-0.7%). However, if modules are pre-screened, this can be mitigated.
• Lifetime: Conservative estimate of 10-15 years remaining life, rather than the standard 25-30 years for new modules.
• Residual Value: At the end of the second life, the modules will have near-zero resale value and must be recycled. Include end-of-life recycling costs in the model.

4. Sensitivity Analysis

• Key Variable: Price of New Modules. If new module prices drop by another 20%, the IRR of a second-life project could turn negative unless testing costs are reduced or policy subsidies are increased.
• Key Variable: Testing Throughput. Increasing throughput from 20 to 60 modules/hour can reduce the per-module testing cost by >50%, significantly improving project economics.

Final Analyst Commentary

The IEA PVPS Task 13 report is a landmark document that legitimizes the second-life PV sector. It moves the conversation from "can we do it?" to "how do we do it profitably and safely?"

For institutional investors, the message is clear: Do not invest in manual repair shops. Invest in the industrialization of trust. The companies that can certify, sort, and guarantee the performance of used modules at scale will become the gatekeepers of a multi-billion dollar secondary market.

The convergence of AI diagnostics, automated testing hardware, and supportive policy creates a unique window of opportunity. While the risks are real, they are manageable through rigorous due diligence and a focus on infrastructure rather than just asset ownership. The second-life PV market is poised for significant growth, and early movers who establish standards and scale will capture disproportionate value.

Disclaimer: This report is based on the IEA PVPS Task 13 report (T13-37:2026). The views expressed herein are those of the analyst and do not necessarily reflect the official policy or position of the IEA or its member countries. This document is for informational purposes only and does not constitute financial advice. Investors should conduct their own due diligence.