First Solar stands apart from the crowd in the solar industry. While most panel manufacturers use crystalline silicon, First Solar bets on cadmium telluride (CdTe) thin-film technology — and it’s been paying off. Founded in 1999 in Tempe, Arizona, the company has become the largest solar module manufacturer headquartered in the U.S. and one of the few Western companies that can compete on cost with Asian silicon module producers.
The CdTe approach offers several advantages: lower energy payback time, better performance in hot climates and low-light conditions, and a manufacturing process that produces less carbon per watt than silicon. First Solar’s Series 6 and Series 7 modules are designed for utility-scale solar farms, and their larger form factors reduce balance-of-system costs during installation. The company manufactures in Ohio, Alabama, Louisiana, and India, with additional capacity under construction.
First Solar benefited enormously from the Inflation Reduction Act’s domestic manufacturing credits, which gave its U.S.-made panels a significant cost advantage. Revenue crossed $3.3 billion in 2023 and the order backlog stretched past 70 GW — years of production spoken for. The company employs over 7,000 people. Unlike many solar companies that went through boom-bust cycles, First Solar maintained consistent profitability by focusing on utility-scale projects, controlling its supply chain, and avoiding the volatile residential market. The company also runs a comprehensive module recycling program, recovering over 90% of the semiconductor material from end-of-life panels.
