In a major development, Pakistan’s solar panel market has experienced a remarkable decrease in prices, paving the way for increased adoption of solar energy systems across the country.
Recent reports indicate that prices of solar panel systems in various cities, notably Lahore, have dropped by up to two hundred thousand rupees. This reduction is particularly noteworthy for systems ranging from 7 to 15 kilowatts, where prices have seen a significant decline.
For instance, following a price cut of up to one hundred thousand rupees, the cost of a 7-kilowatt system has now reached 825,000 rupees. Similarly, a 10-kilowatt system now priced at 1.125 million rupees after a reduction of two hundred thousand rupees.
The trend continues, with a 12-kilowatt system now available at 1.4 million rupees, down from its previous price after a reduction of two hundred thousand rupees. Even larger systems, such as the 15-kilowatt variant, have seen their prices drop by two hundred thousand rupees, reaching 1.60 million rupees.
This shift in prices comes after a recent uptick, indicating a dynamic market responding to various factors. Experts predict that prices may continue to decrease in the near future, making solar energy solutions more accessible to the masses.
Traders and businesses involved in solar panel trade attribute this price shift to a combination of factors, including increased imports of solar panels leading to oversupply in the market. Notably, a surge in imports from China and changes in trade dynamics with European markets have contributed to this oversupply, resulting in a market downturn.
The significant drop in solar panel prices not only benefits consumers but also aligns with Pakistan’s efforts towards renewable energy adoption. With more affordable solar panel systems now available, the country poised to witness a surge in solar energy utilization, contributing to environmental sustainability and energy independence.
