---
title: "Goldi Solar vs Q-Cells - Brand Comparison | ComparePV"
description: "Compare Goldi Solar vs Q-Cells solar panels: full portfolio, efficiency, cell technology breakdown, warranty terms and company background."
source: "https://comparepv.com/goldi-solar-vs-q-cells"
---

# Goldi Solar vs Q-Cells

Goldi Solar has the broader catalog (145 vs 89 models). Q-Cells leads on peak efficiency at 23.20%. Goldi Solar leans bifacial (79% of lineup).


## The two companies


| Attribute | Goldi Solar | Q-Cells |
| --- | --- | --- |
| Country | India | South Korea |
| Headquarters | Surat | Seoul |
| Founded | 2011 | 1999 |
| Employees | 250-499 Employees | 2000+ |
| Annual capacity | 15.2 GW/year | 11.2 GW/year |
| Tier 1 | yes | yes |
| Listed |  | NASDAQ: HQCL |
| Website | [http://www.goldisolar.com](http://www.goldisolar.com) | [https://www.qcells.com](https://www.qcells.com) |

Goldi Solar is a leading Indian solar PV module manufacturer and EPC service provider committed to accelerating the transition to sustainable energy. Established in 2011 and headquartered in Surat, Gujarat, the company offers cutting-edge solar solutions that power industries, businesses, and communities across more...

Qcells is a renowned global provider of complete energy solutions, specializing in solar cells and modules, energy storage solutions, downstream project business, and energy retail. The company has a strong heritage dating back to its foundation in Germany and has become a leader in technology innovations. As an...


## Catalog & Power


| Measure | Goldi Solar | Q-Cells | Margin |
| --- | --- | --- | --- |
| Panel Models | 145 | 89 | +56 |
| Max Power | 715 W | 675 W | +40 W |
| Avg Power | 513 W | 468 W | +45 W |


## Efficiency


| Measure | Goldi Solar | Q-Cells | Margin |
| --- | --- | --- | --- |
| Max Efficiency | 23.03% | 23.20% | +0.17 pp |
| Avg Efficiency | 21.16% | 21.21% | +0.05 pp |


## Reliability & Warranty


| Measure | Goldi Solar | Q-Cells | Margin |
| --- | --- | --- | --- |
| Avg Temp Coefficient | -0.326%/°C | -0.325%/°C | +0.002 |
| Bifacial Share | 115 (79%) | 35 (39%) | +40 pp |
| Avg Warranty | 27.6 yrs | 27.0 yrs | +0.6 yr |


## Efficiency distribution

Q-Cells skews to higher efficiency: 2% of lineup is 23%+


| Efficiency band | Goldi Solar | Q-Cells |
| --- | --- | --- |
| \<20% | 4 (2.8%) | 7 (7.9%) |
| 20-21% | 67 (46.2%) | 29 (32.6%) |
| 21-22% | 47 (32.4%) | 30 (33.7%) |
| 22-23% | 25 (17.2%) | 21 (23.6%) |
| 23%+ | 2 (1.4%) | 2 (2.2%) |


## Power distribution

Q-Cells offers more 600W+ panels (19% of lineup)


| Power band | Goldi Solar | Q-Cells |
| --- | --- | --- |
| \<400W | 8 (5.5%) | 20 (22.5%) |
| 400-499W | 59 (40.7%) | 41 (46.1%) |
| 500-599W | 59 (40.7%) | 11 (12.4%) |
| 600-699W | 12 (8.3%) | 17 (19.1%) |
| 700W+ | 7 (4.8%) | 0 |


## Cell technology

Dominant cell tech: **PERC** (74%)

Dominant cell tech: **PERC** (43%)


| Technology | Goldi Solar | Q-Cells |
| --- | --- | --- |
| PERC | 107 (73.8%) | 38 (42.7%) |
| TOPCon | 31 (21.4%) | 8 (9.0%) |
| HJT | 7 (4.8%) | 0 |
| N-type | 0 | 23 (25.8%) |
| Unknown | 0 | 20 (22.5%) |


## Top panels, Goldi Solar


| # | Model | Power | Efficiency | Temp. coefficient | Technology |
| --- | --- | --- | --- | --- | --- |
| 1 | [GS12-T132-GF-715](https://comparepv.com/panel/goldi-solar-gs12-t132-gf-715) | 715 | 23.0 | -0.280 | Monocrystalline |
| 2 | [GS12-T132-GF-710](https://comparepv.com/panel/goldi-solar-gs12-t132-gf-710) | 710 | 22.9 | -0.280 | Monocrystalline |
| 3 | [G12 Series 710Wp](https://comparepv.com/panel/goldi-solar-g12-series-710wp) | 710 | 22.9 | -0.259 | Monocrystalline |
| 4 | [GS12-T132-GF-705](https://comparepv.com/panel/goldi-solar-gs12-t132-gf-705) | 705 | 22.7 | -0.280 | Monocrystalline |
| 5 | [G12 Series 705Wp](https://comparepv.com/panel/goldi-solar-g12-series-705wp) | 705 | 22.7 | -0.259 | Monocrystalline |
| 6 | [GS12-T132-GF-700](https://comparepv.com/panel/goldi-solar-gs12-t132-gf-700) | 700 | 22.5 | -0.280 | Monocrystalline |
| 7 | [G12 Series 700Wp](https://comparepv.com/panel/goldi-solar-g12-series-700wp) | 700 | 22.5 | -0.259 | Monocrystalline |
| 8 | [GS12-T132-GF-695](https://comparepv.com/panel/goldi-solar-gs12-t132-gf-695) | 695 | 22.4 | -0.280 | Monocrystalline |
| 9 | [G12 Series 695Wp](https://comparepv.com/panel/goldi-solar-g12-series-695wp) | 695 | 22.4 | -0.259 | Monocrystalline |
| 10 | [GS12-T132-GF-690](https://comparepv.com/panel/goldi-solar-gs12-t132-gf-690) | 690 | 22.2 | -0.280 | Monocrystalline |


## Top panels, Q-Cells


| # | Model | Power | Efficiency | Temp. coefficient | Technology |
| --- | --- | --- | --- | --- | --- |
| 1 | [Q.PEAK DUO ML-G12S.3 / BFG 675](https://comparepv.com/panel/q-cells-q-peak-duo-ml-g12s-3-bfg-675) | 675 | 21.7 | -0.340 | Monocrystalline |
| 2 | [Q.PEAK DUO ML-G12S.3 / BFG 670](https://comparepv.com/panel/q-cells-q-peak-duo-ml-g12s-3-bfg-670) | 670 | 21.6 | -0.340 | Monocrystalline |
| 3 | [Q.PEAK DUO ML-G12S.3 / BFG 665](https://comparepv.com/panel/q-cells-q-peak-duo-ml-g12s-3-bfg-665) | 665 | 21.4 | -0.340 | Monocrystalline |
| 4 | [Q.PEAK DUO ML-G12S.3 / BFG 660](https://comparepv.com/panel/q-cells-q-peak-duo-ml-g12s-3-bfg-660) | 660 | 21.2 | -0.340 | Monocrystalline |
| 5 | [Q.PEAK DUO ML-G12S.3 / BFG 655](https://comparepv.com/panel/q-cells-q-peak-duo-ml-g12s-3-bfg-655) | 655 | 21.1 | -0.340 | Monocrystalline |
| 6 | [Q.PEAK DUO ML-G12S.3 / BFG 650](https://comparepv.com/panel/q-cells-q-peak-duo-ml-g12s-3-bfg-650) | 650 | 20.9 | -0.340 | Monocrystalline |
| 7 | [Q.TRON XL-G2.3 / BFG 645](https://comparepv.com/panel/q-cells-q-tron-xl-g2-3-bfg-645) | 645 | 23.1 | -0.290 | Monocrystalline |
| 8 | [Q.TRON XL-G2.3 / BFG 640](https://comparepv.com/panel/q-cells-q-tron-xl-g2-3-bfg-640) | 640 | 22.9 | -0.290 | Monocrystalline |
| 9 | [Q.TRON XL-G2.3 / BFG 635](https://comparepv.com/panel/hanwha-q-cells-america-inc-q-tron-xl-g2-3-bfg-635) | 635 | 22.7 | -0.300 | Monocrystalline |
| 10 | [Q.TRON XL-G2.3 / BFG 630](https://comparepv.com/panel/hanwha-q-cells-america-inc-q-tron-xl-g2-3-bfg-630) | 630 | 22.6 | -0.300 | Monocrystalline |


## Summary

Goldi Solar is an Indian manufacturer founded in 2011 and headquartered in Surat, Gujarat. The company has held BloombergNEF Tier 1 bankable status continuously since 2020 and was recognized as a Top Performer by Kiwa PVEL in 2024. As of March 2025, its module production capacity stood at approximately 10.7 GW, with an expansion to around 15.2 GW targeted by FY26, which would make it one of the largest single-location solar manufacturers in India. Q-Cells began as a German solar cell pioneer in 1999 and was acquired by South Korean industrial conglomerate Hanwha in 2012, operating today as Hanwha Q CELLS. It too carries BloombergNEF Tier 1 status and has built a global manufacturing footprint spanning South Korea, Malaysia, and a 3.3 GW module factory in Cartersville, Georgia - the latter positioning it as one of the few major brands with IRA-compliant domestic U.S. production. In terms of institutional reach across Western project-finance markets, Q-Cells holds the broader footprint.

Goldi Solar's catalog covers mono PERC and TOPCon modules, with the company reporting that more than 10 GW of its production capacity is TOPCon-capable. Its panels span residential rooftops, commercial and industrial installations, and utility-scale ground mounts, and the brand is ALMM-listed by India's Ministry of New and Renewable Energy, making it eligible for government-backed projects such as PM-KUSUM. Q-Cells is best known for its proprietary Q.ANTUM cell architecture, a PERC-derived technology enhanced with half-cell and zero-gap configurations; the Q.PEAK DUO series targets both premium residential and commercial use cases, while Q.ANTUM NEO represents the brand's push toward next-generation cell structures including work on perovskite-silicon tandem cells.

For buyers in India - particularly those pursuing government-subsidized or utility-scale domestic projects - Goldi Solar is the natural default, given its ALMM certification, scale, and deep local distribution. For buyers in the United States, Europe, or Australia, Q-Cells is the more established choice, backed by recognized German-origin engineering, a U.S.-domestic manufacturing credential, and a long track record in Western project finance. The two brands are not meaningfully interchangeable in practice: they serve different primary geographies, and the choice between them is largely determined by where the installation sits.

\---LINKS---

\- https://www.pv-tech.org/goldi-solar-to-expand-module-capacity-to-14gw-by-fy26/ \| Goldi Solar to expand module capacity to 14GW by FY26 \| article

\- https://www.pv-magazine-india.com/2024/10/07/goldi-solar-to-start-pv-cell-production-from-mid-2025/ \| Goldi Solar to start PV cell production from mid-2025 \| article

\- https://www.solarreviews.com/blog/hanwha-q-cells-solar-panels-complete-review \| Expert Review of Qcells Solar Panels for 2025 - SolarReviews \| review

\- https://www.ecowatch.com/solar/reviews/qcells-solar-panels \| QCells Solar Panels Review 2025 - EcoWatch \| review

\- https://www.mercomindia.com/trina-waaree-goldi-rayzon-and-saatvik-lead-solar-module-supply-in-2025 \| Trina, Waaree, Goldi, Rayzon, and Saatvik Lead Solar Module Supply 2025 \| article

Sources:

\- \[Goldi Solar to expand module capacity to 14GW by FY26\](https://www.pv-tech.org/goldi-solar-to-expand-module-capacity-to-14gw-by-fy26/)

\- \[Goldi Solar to start PV cell production from mid-2025\](https://www.pv-magazine-india.com/2024/10/07/goldi-solar-to-start-pv-cell-production-from-mid-2025/)

\- \[Expert Review of Qcells Solar Panels for 2025 - SolarReviews\](https://www.solarreviews.com/blog/hanwha-q-cells-solar-panels-complete-review)

\- \[QCells Solar Panels Review 2025 - EcoWatch\](https://www.ecowatch.com/solar/reviews/qcells-solar-panels)

\- \[Trina, Waaree, Goldi, Rayzon, and Saatvik Lead Solar Module Supply 2025\](https://www.mercomindia.com/trina-waaree-goldi-rayzon-and-saatvik-lead-solar-module-supply-in-2025)

Written by claude-sonnet from the figures above.


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Source: https://comparepv.com/goldi-solar-vs-q-cells

Not in this file, on the page: the distributions above drawn as charts.