DMEGC vs Waaree - solar panel manufacturer comparison

DMEGC

China Founded 1980 Tier 1

Read the DMEGC review

Waaree

India Founded 1990 Tier 1

Read the Waaree review

At a glance

Waaree has the broader catalog (222 vs 150 models). Waaree leads on peak efficiency at 23.51%. DMEGC leans bifacial (73% of lineup).

Both catalogues are read from the manufacturers' own datasheets. A brand is not scored against the market here, only against the other brand on this page.

Panel models

150 222

Highest power

720 Wp 730 Wp

Best efficiency

23.5% 23.5%

Average efficiency

21.4% 18.4%

Bifacial share

73% 38%

Average warranty

30 yrs 22 yrs

The two companies

Company facts, not datasheet figures

DMEGC

DMEGC Solar, founded in 1980, is a global provider of renewable energy solutions, specializing in high-efficiency solar panels for residential, commercial, and utility-scale projects. The company has six manufacturing bases and is known for its integrated supply chain, from wafers to modules. DMEGC Solar is committed...

Founded: 1980
Headquarters: Dongyang, Zhejiang Province, China
Annual capacity: 21 GW/year
Employees: 18,831
Listed: Shenzhen Stock Exchange: SZ: 002056
Tier 1 bankable: Yes

All DMEGC panels Manufacturer site

Waaree

Waaree Energies Ltd. is a leading global energy transition company committed to delivering innovative, high-quality solar and sustainable energy solutions. Established in 1990 and headquartered in Mumbai, India, the company operates across 20+ countries with an integrated portfolio that spans solar modules, EPC...

Founded: 1990
Headquarters: Mumbai, India
Annual capacity: 13.3 GW/year
Employees: 8500+
Listed: NSE: WAAREEENER
Tier 1 bankable: Yes

All Waaree panels Manufacturer site

Catalogue against catalogue

Averages over every model in the database

Metric DMEGC Waaree

Catalog & Power

Panel Models 150 222+72

Max Power 720 W 730 W+10 W

Avg Power 476 W+105 W 371 W

Efficiency

Max Efficiency 23.50% 23.51%+0.01 pp

Avg Efficiency 21.39%+2.99 pp 18.39%

Reliability & Warranty

Avg Temp Coefficient -0.291%/°C+0.071 -0.362%/°C

Bifacial Share 109 (73%)+34 pp 85 (38%)

Avg Warranty 30.0 yrs+8.3 yr 21.7 yrs

An average over a catalogue describes the range a manufacturer publishes, not the module you would buy. A brand with two flagship panels and eighty older ones averages worse than one that has retired its back catalogue.

What each of them builds

Cell technology across the market

Efficiency spread

Share of each catalogue in every efficiency band

DMEGC skews to higher efficiency: 21% of lineup is 23%+

Power spread

Share of each catalogue in every power band

DMEGC offers more 600W+ panels (13% of lineup)

DMEGC cell technology

Share of their models by cell architecture

Dominant cell tech: TOPCon (73%)

Waaree cell technology

Share of their models by cell architecture

Dominant cell tech: PERC (48%)

The flagships

Highest-power models from each brand

DMEGC all models

1 DM720G12T-B66HSWBIMonocrystalline 720 Wp 23.2% -0.290 2 DM715G12T-B66HSWBIMonocrystalline 715 Wp 23.0% -0.290 3 DM710G12T-B66HSWBIMonocrystalline 710 Wp 22.9% -0.290 4 DM705G12T-B66HSWBIMonocrystalline 705 Wp 22.7% -0.290 5 DM700G12T-B66HSWBIMonocrystalline 700 Wp 22.5% -0.290 6 DM695G12T-B66HSWBIMonocrystalline 695 Wp 22.4% -0.290 7 DM650M10T-B78HSWBIMonocrystalline 650 Wp 23.3% -0.290 8 DM645M10T-B78HSWBIMonocrystalline 645 Wp 23.1% -0.290 9 DM640M10T-B78HSWBIMonocrystalline 640 Wp 22.9% -0.290 10 DM635G12RT-B66HSWBIMonocrystalline 635 Wp 23.5% -0.290

Waaree all models

1 BiH-11-730BIMonocrystalline 730 Wp 23.5% -0.240 2 BiH-11-725BIMonocrystalline 725 Wp 23.3% -0.240 3 BiH-11-720BIMonocrystalline 720 Wp 23.2% -0.240 4 BiH-11-715BIMonocrystalline 715 Wp 23.0% -0.240 5 BiH-11-710BIMonocrystalline 710 Wp 22.9% -0.240 6 BiH-11-705BIMonocrystalline 705 Wp 22.7% -0.240 7 BiH-11-700BIMonocrystalline 700 Wp 22.5% -0.240 8 Bi-68-665BIMonocrystalline 665 Wp 21.3% -0.340 9 WSMD-665Monocrystalline 665 Wp 21.3% -0.340 10 WSMD-660Monocrystalline 660 Wp 21.1% -0.340

Written summary

Waaree Energies is an Indian manufacturer headquartered in Mumbai, founded in 1989 and now the country's largest solar module maker. It holds BNEF Tier 1 status and has expanded its global module capacity to roughly 22.3 GW, including a 2.6 GW facility in the United States - making it one of the few non-Chinese manufacturers with significant production on multiple continents. DMEGC Solar is a Chinese manufacturer based in Dongyang, Zhejiang, with roots in the magnetic materials industry before pivoting into photovoltaics. It also holds BNEF Tier 1 status, confirmed in Q3 2025, and earned a top "A" rating in the PV ModuleTech Bankability Report. DMEGC's module capacity stands at roughly 21 GW annually, supported by around 23 GW of cell capacity following a new N-type cell plant commissioned in early 2025. Both companies are institutionally credible, but Waaree's dual-continent manufacturing footprint and growing US presence give it a stronger strategic position for buyers in markets seeking supply-chain diversification away from China.

Waaree's product range spans residential rooftop, commercial, and utility-scale applications, with its current lineup centered on N-type TOPCon and HJT modules, alongside legacy PERC lines. Flagship series push outputs well beyond 700 W in bifacial configurations suited to ground-mount projects, while compact TOPCon lines serve residential and commercial rooftops. DMEGC's portfolio is similarly broad, with TOPCon modules dominating its current shipments. The company has a notable niche in lightweight bifacial TOPCon panels designed for weight-constrained rooftops, and it also serves utility-scale buyers with large-format N-type bifacial glass-glass modules. Both brands offer 30-year performance warranties.

For a buyer in Western markets or India in 2025, Waaree is the more differentiated choice given its domestic Indian manufacturing credentials and US production capacity, which matter for tariff compliance and supply-chain transparency. DMEGC is a strong alternative for buyers in Europe or Australia where Chinese origin is unproblematic, and its bankability ratings are on par with the wider Chinese Tier 1 field.

Sources and further reading

Generated by Claude Sonnet · 2026-07-06

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Something missing from a catalogue? Both lists are built from the datasheets in the database. If a model is absent, it has not been ingested yet.

Shop prices: See 73 DMEGC offers · See 22 Waaree offers

Comparisons are computed from manufacturer datasheets held in the ComparePV database and may not reflect a brand's complete current lineup. Nothing on this page is paid placement.