In a significant turn of events, solar module prices have witnessed a sharp decline in recent days, thanks to the Pakistani rupee’s remarkable resurgence against the US dollar. This development has sent waves of excitement through the energy sector, making solar power more affordable and accessible for all.
The past months had been marked by a crisis and soaring US dollar prices, causing the costs of establishing solar power projects in Pakistan to skyrocket, despite generous tax exemptions. However, the recent recovery of the Pakistani rupee has paved the way for a much-needed cost correction.
Prices across all categories of solar modules have seen substantial reductions, with some experiencing a staggering 50% drop from their previously elevated rates. As a result, individuals planning to install solar systems in their homes or commercial units are receiving quotes that have never been seen before in the history of the industry, all in an astoundingly short period of time.
Media reports have confirmed that the price reductions extend beyond solar panels; batteries and labor costs have also seen a notable decrease. This transformative change is a beacon of hope for those who have long aspired to embrace solar energy solutions.
Here’s a glimpse of the rate adjustments for different solar panel categories:
- 165-Watt Solar Panel
- Old Rates: Rs16,200
- New Rates: Rs10,800
- 260-Watt Solar Panel
- Old Rates: Rs30,000
- New Rates: Rs26,000
- 550-Watt Solar Panel
- Old Rates: Rs48,400
- New Rates: Rs33,000
The turning point came in February 2023 when the government introduced a strategic move to reduce all taxes on solar imports, aiming to encourage people to adopt solar systems. This policy shift did result in a drop in prices; however, the rupee’s depreciation had somewhat counteracted this decline.
In certain regions of Pakistan, the cost of a 550-watt solar panel has now dwindled to a range of 35,000-40,000 rupees, a stark contrast to the previous rate of Rs 75,000. This dramatic shift has given consumers a golden opportunity to harness the power of the sun like never before.
