The solar panel rate in Pakistan is likely to go down after the revision of the customs valuation by directorate general of customs valuation, Karachi. The new customs value of imported produced solar panels lowered at a rate of $0.11 to be between 0.08 and 0.09 per watt which is in line with the present global market value.
This adjustment made after multiple importers requested a review, citing significant drops in global solar panel prices. The valuation ruling states that the decline in global prices is the primary reason for the change.
As per the Directorate, the new solar panel price in Pakistan applicable on importations received by Pakistan under the revised valuation only. The existing stock in the market imported using old rates will not become the target straightaway. The prices, however can slowly dip in the future with introduction of new imports in the market.
Stakeholders such as the Pakistan Solar Association forced the authorities to revise values to international ones. Problems in opening Letters of Credit (LCs) by importers due to lower values declared by them than the previous customs values reported as the reasons of the delay in their clearance.
In parallel, the federal government imposed a 10% solar panel tax on locally manufactured units in the FY 2025 budget. The reduction in import valuation may help balance local and imported solar panel prices in the market.
Most solar panels in Pakistan imported from China. Industry experts say the price cut follows an increase in the number of Tier 1 certified manufacturers in China, improving supply and reducing prices.
Customs valuation reviewed periodically using transaction data, importer feedback, and supplier inputs. The impact of this latest revision expected to reflect in the local market within one month.
