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As solar panel rates sharply decline, affordability has surged, thanks to heightened production by Chinese firms, resulting in a surplus of panels flooding both local and global markets.
The influx of low-cost Chinese solar panels has ignited stiff competition for US and European manufacturers.
The International Energy Agency forecasts that global solar panel supply will soar to 1,100 gigawatts by year-end, tripling the current demand.
Solar panel prices saw a steep plunge in 2023 and are projected to plummet another 40 percent in the near future.
Reports highlight substantial price reductions, notably in Lahore, with prices decreasing by up to two hundred thousand rupees. This decline is particularly notable for systems ranging from 7 to 15 kilowatts, experiencing significant cost reductions.
For example, a 7-kilowatt system now costs 825,000 rupees after a price cut of up to one hundred thousand rupees. Similarly, a 10-kilowatt system is now priced at 1.125 million rupees following a two hundred thousand rupee reduction.
This trend extends to larger systems, with a 12-kilowatt variant now available at 1.4 million rupees, down by two hundred thousand rupees. Even larger systems, such as the 15-kilowatt option, have seen a price drop of two hundred thousand rupees, reaching 1.60 million rupees.