I checked around in Alibaba and for bulk orders directly from a big manufacturer (with EXW terms, meaning pick-up at the factory, so no shipping and no taxes included) it was actually less that $0.12/watt, quite a bit less if enough units were ordered.

Such consumer price in Estonia kinda dovetails with the indicative prices per watt that I've seen in Alibaba being less than $0.12/watt, as even though Estonia has 0% VAT on solar panels and the EU has no Duty Tax on them so there's no tax paid, what's left that's on top of the factory price (so the shipping costs + a little margin for the seller) still requires the panels to be less than $0.12 at the factory to end up sold to consumers in Estonia for €0.13