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Solar panel prices in Pakistan have surged ahead of the Budget 2024–2025, with vendors adjusting their rates in anticipation of new tax regulations. The federal government, expected to unveil the budget on June 12, aims to meet IMF requirements amid negotiations for a bailout package.
Rumors suggest that the government may impose additional taxes on solar panels, prompting traders to proactively raise prices. This preemptive increase, amounting to Rs8 per watt, spans across different panel sizes and specifications.
As of June 2024, updated prices for solar panels are as follows:
- 1 Watt: Rs8
- 588 Watt Plate: Rs4,000 to Rs5,000
- 180 Watt Panel: Rs1,440
Consumers, accustomed to paying Rs3,000 to Rs4,000 extra for a 588-watt panel, now face a significant price hike. Meanwhile, smaller panels ranging from 180 to 280 watts are now priced between Rs1,000 and Rs1,500.
Despite this recent uptick, the preceding months witnessed a notable decline in solar panel prices in Pakistan, encouraging consumers to explore this cost-effective option. Dealers attribute this price drop to ample equipment availability in the local market and a global downtrend, with rates falling by 30% over the past six months.
Per watt prices have now reduced to Rs40 or higher in the market, with panels from various brands available at Rs37/watt—a substantial decrease compared to Rs80/watt in 2022.
