The prices of solar panels and lithium batteries in Pakistan have witnessed a significant decline, offering a boost to the renewable energy sector. This trend attributed to cooler weather, stabilized global supply chains, and effective government policies aimed at reducing inflation.
20% Decline in Lithium Battery Prices
Lithium battery prices have dropped by approximately 20%, with costs decreasing from Rs400,000 to Rs380,000. Tubular batteries, commonly used for energy storage, have also experienced a sharp price reduction. The price of tubular batteries has dropped by Rs15,000, from Rs70,000 to Rs55,000.
Solar Panel Prices at Record Low
Solar panel prices have reached a new low, with the cost per watt now averaging Rs28. Industry analysts credit this to improved global supply chains and domestic economic adjustments. Experts predict further reductions in prices in the coming months, making solar energy systems more affordable for residential and commercial use.
Boost in Solar Energy Adoption
The declining prices of solar equipment expected to drive the adoption of renewable energy across Pakistan. Households and businesses now have a more accessible and cost-effective alternative to conventional energy sources, reducing reliance on grid electricity and fossil fuels.
Pakistan’s Solar Imports Reach New Heights
In a related development, Federal Minister for Energy Owais Laghari revealed that Pakistan imported 8,000 megawatts of solar panels in the past year. This import volume is equivalent to 30-35% of the electricity output from China’s Three Gorges Dam, the largest hydropower project in the world. This highlights the growing demand for solar energy solutions in the country.
Shift Towards Local Manufacturing
With the renewable energy market expanding, several companies are exploring opportunities to establish local manufacturing plants for solar inverters and other components. This move towards domestic production expected to strengthen Pakistan’s renewable energy sector, reduce dependency on imports, and create job opportunities.
Future Outlook
The recent drop in solar panel and battery prices marks a promising step towards sustainable energy solutions in Pakistan. As prices continue to decline, solar energy systems expected to become a primary choice for households and industries, paving the way for a greener and more energy-independent future.
