Horay Solar vs Q-Cells - solar panel manufacturer comparison

Horay Solar

China Founded 2010 Tier 1

Read the Horay Solar review

Q-Cells

South Korea Founded 1999 Tier 1

Read the Q-Cells review

At a glance

Horay Solar has the broader catalog (182 vs 89 models). Horay Solar leads on peak efficiency at 23.30%. Horay Solar leans bifacial (67% 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

182 89

Highest power

720 Wp 675 Wp

Best efficiency

23.3% 23.2%

Average efficiency

22.5% 21.2%

Bifacial share

67% 39%

Average warranty

30 yrs 27 yrs

The two companies

Company facts, not datasheet figures

Horay Solar

Horay Solar is an integrated photovoltaic company specializing in the R&D, production, and sales of solar modules and solar power systems. They are committed to globalization and offer standard and customized solar module solutions. The company's products are exported globally, providing efficient clean energy...

Founded: 2010
Headquarters: Wuxi, Jiangsu Province, China
Annual capacity: 2.5 GW/year
Employees: 400
Tier 1 bankable: Yes

All Horay Solar panels Manufacturer site

Q-Cells

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...

Founded: 1999
Headquarters: Seoul, South Korea
Annual capacity: 11.2 GW/year
Employees: 2000+
Listed: NASDAQ: HQCL
Tier 1 bankable: Yes

All Q-Cells panels Manufacturer site

Catalogue against catalogue

Averages over every model in the database

Metric Horay Solar Q-Cells

Catalog & Power

Panel Models 182+93 89

Max Power 720 W+45 W 675 W

Avg Power 536 W+68 W 468 W

Efficiency

Max Efficiency 23.30%+0.10 pp 23.20%

Avg Efficiency 22.46%+1.25 pp 21.21%

Reliability & Warranty

Avg Temp Coefficient -0.280%/°C+0.045 -0.325%/°C

Bifacial Share 122 (67%)+28 pp 35 (39%)

Avg Warranty 30.0 yrs+3.0 yr 27.0 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

Horay Solar skews to higher efficiency: 14% of lineup is 23%+

Power spread

Share of each catalogue in every power band

Horay Solar offers more 600W+ panels (20% of lineup)

Horay Solar cell technology

Share of their models by cell architecture

Dominant cell tech: <strong>TOPCon</strong> (56%)

Q-Cells cell technology

Share of their models by cell architecture

Dominant cell tech: <strong>PERC</strong> (43%)

The flagships

Highest-power models from each brand

Horay Solar all models

1 HS720TC-MHG-DBIMonocrystalline 720 Wp 23.2% -0.280 2 HS710TC-MHG-DBIMonocrystalline 710 Wp 22.9% -0.280 3 HS700TC-MHG-DBIMonocrystalline 700 Wp 22.5% -0.280 4 HS690TC-MHG-DBIMonocrystalline 690 Wp 22.2% -0.280 5 HS680TC-MHG-DBIMonocrystalline 680 Wp 21.9% -0.280 6 HS650TC-MHD-DBIMonocrystalline 650 Wp 23.3% -0.280 7 HS645TC-MHD-DBIMonocrystalline 645 Wp 23.1% -0.280 8 HS640TC-MHD-DBIMonocrystalline 640 Wp 22.9% -0.280 9 HS635TC-MHD-DBIMonocrystalline 635 Wp 22.7% -0.280 10 HS635TC-MHG-DBIMonocrystalline 635 Wp 22.4% -0.280

Q-Cells all models

1 Q.PEAK DUO ML-G12S.3 / BFG 675BIMonocrystalline 675 Wp 21.7% -0.340 2 Q.PEAK DUO ML-G12S.3 / BFG 670BIMonocrystalline 670 Wp 21.6% -0.340 3 Q.PEAK DUO ML-G12S.3 / BFG 665BIMonocrystalline 665 Wp 21.4% -0.340 4 Q.PEAK DUO ML-G12S.3 / BFG 660BIMonocrystalline 660 Wp 21.2% -0.340 5 Q.PEAK DUO ML-G12S.3 / BFG 655BIMonocrystalline 655 Wp 21.1% -0.340 6 Q.PEAK DUO ML-G12S.3 / BFG 650BIMonocrystalline 650 Wp 20.9% -0.340 7 Q.TRON XL-G2.3 / BFG 645BIMonocrystalline 645 Wp 23.1% -0.290 8 Q.TRON XL-G2.3 / BFG 640BIMonocrystalline 640 Wp 22.9% -0.290 9 Q.TRON XL-G2.3 / BFG 635BIMonocrystalline 635 Wp 22.7% -0.300 10 Q.TRON XL-G2.3 / BFG 630BIMonocrystalline 630 Wp 22.6% -0.300

Written summary

Horay Solar is a Chinese manufacturer founded in 2010 and headquartered in Wuxi, Jiangsu Province. The company has built an annual module production capacity of around 2.5 GW and entered the BloombergNEF Tier 1 list in Q1 2025, marking its formal recognition as a bankable supplier by global financial institutions. Q-Cells, operating today as Hanwha Q CELLS, has a considerably longer history: it was founded in 1999 in Bitterfeld-Wolfen, Germany, acquired by South Korea's Hanwha Group in 2012, and now operates with dual headquarters in Seoul and Thalheim. Its global module production capacity reached approximately 12.4 GW by late 2024, including 8.4 GW of US-based manufacturing in Dalton, Georgia - the largest solar manufacturing facility in the Western Hemisphere. Q-Cells has held BNEF Tier 1 status for many years and ranked third on SolarReviews' list of top manufacturers for 2025, giving it the substantially stronger institutional footprint of the two.

Both manufacturers have converged on N-type TOPCon as their primary cell technology. Horay Solar's portfolio covers residential rooftops, commercial systems, and light utility projects, and the company markets its modules across Europe, North America, Southeast Asia, and Latin America. Q-Cells centers its premium offer around the Q.ANTUM NEO platform, which achieves module efficiencies up to 22.5-22.6% and an annual degradation rate of 0.33%, backed by 25-year product warranties. Q-Cells addresses the full demand spectrum from residential rooftops to commercial ground-mounts, with its US-made Q.TRON line carrying domestic-content advantages under the Inflation Reduction Act.

For most buyers in 2025, Q-Cells is the lower-risk default: its deep warranty track record, extensive third-party testing, and domestic US supply chain offer measurable advantages in project financing and long-term performance assurance. Horay Solar is a credible option for cost-sensitive projects where a freshly Tier-1-listed supplier is acceptable, but buyers should weigh its shorter bankability history against Q-Cells' established position.

Sources and further reading

Generated by Claude Sonnet · 2026-06-12

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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.

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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.