ISLAMABAD, Jan 25: Solar panel prices in Pakistan have witnessed a massive 60% decline, bringing significant cost savings for consumers in the solar energy market.
A 550-watt solar panel that earlier cost PKR 70,000 now only costs PKR 27,000, marking a steep reduction of PKR 43,000. Similarly, the 450-watt model currently selling for PKR 20,000 and the 330-watt at PKR 15,000 are seeing rising demand.
Traders attribute this sudden price drop mainly to import liberalization and tax relief. While tax incentives have helped cut overall rates, openness of imports has increased market competitiveness.
It is important to note this trend is not exclusive to Pakistan as solar panel prices have notably fallen worldwide.
Oversupplied European and American solar panel warehouses have led to a global decline in rates, a trend expected to continue. This breakthrough makes solar energy options more affordable for consumers.
With these price cuts, more people are likely to consider switching to solar power for their energy needs as solar solutions become cheaper. This shift can potentially drive wider adoption of renewable energy sources, a welcome development for the renewable power industry.