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KARACHI: The prices of solar panels in Pakistan, according to dealers, have decreased by 30% due to an abundance of stock and supply in the market. Reports indicate a significant 53% decline in solar panel prices within just one year, plummeting from Rs 80 per watt to Rs 37 per watt.
This remarkable decrease is attributed to both surplus supply in the domestic market and a decline in international prices. Over the past six months alone, prices have fallen by approximately 30%, resulting in panels from various brands being available for around Rs 37 per watt.
As a consequence of this price adjustment, the cost of a 5-kilowatt solar system has notably dropped to Rs 215,000 compared to the previous year. Consequently, the overall expense associated with acquiring such systems has decreased significantly by Rs 430,000.
As of May 2024, the cost of solar panel plates for a 7-kilowatt system will be Rs 259,000 in Pakistan, while for a 12-kilowatt system, it will be Rs 444,000.
While the reduction in solar panel prices is beneficial for consumers seeking affordable renewable energy solutions, it’s important to note that prices for inverters and batteries have remained unchanged amidst this shift.
