Solar panel prices drop to record lows in Pakistan

KARACHI: Solar panel prices in Pakistan have plummeted to new record lows, with prices dropping to Rs.28 per watt in Karachi’s market, ARY News reported on Saturday.

This massive decrease follows a steady decrease from Rs.30 to Rs.32 per watt last month.

Earlier this year, prices hovered around Rs.39 to Rs.40 per watt in April, marking a significant drop compared to Rs.80 per watt two years ago.

The decline in prices is attributed to increased supply and growing interest in solar energy.

Federal Minister for Energy Owais Laghari noted that 8,000 MW of solar panels were imported into Pakistan in just one year.

Additionally, plans to establish solar inverter plants locally aim to reduce foreign exchange costs and further promote solar energy in the country.