Islamabad, Pakistan—Harnessing the power of the sun has become more expensive for Pakistanis as solar panel prices have substantially increased in recent months. According to industry experts, the cost per watt for solar panels has surged from around 38 rupees per watt to 48 rupees per watt, a staggering rise of over 26%.
This sudden surge in prices has dealt a significant blow to Pakistan’s ambitious plans to promote sustainable power sources and diminish its dependence on customary petroleum products. The country has been actively encouraging the adoption of solar energy, with the government offering motivations and appropriations to make the innovation more available to families and organizations the same. However, this price hike could derail these efforts, pushing the country further away from its renewable energy goals.
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The situation is equally concerning for businesses and industries that had planned to transition to solar power. Manufacturers and commercial establishments heavily reliant on electricity have explored solar energy as a cost-effective and environmentally friendly alternative. However, the price surge has made the investment less appealing, potentially slowing the commercial sector’s adoption of renewable energy.
The statement came after sources reported yesterday that the Central Power Purchasing Agency (CPPA) proposed the federal government to impose a tax on solar panels. This proposed tax, along with other factors, is believed to be one of the reasons for the recent rise in solar panel prices in Pakistan. Additionally, there are rumors that the fear of this impending tax has led to an artificial increase in prices by some market players, further exacerbating the situation.
While the current price hike is concerning, it is essential to remember that solar panel prices have decreased over the past few months. This is hoping that it is a temporary setback, and as global supply chains stabilize and new technological advancements are made, we can expect prices to become more affordable again.
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