KARACHI: The prices of solar panels in Pakistan have gone down by 30 percent as the markets have an ‘ample’ stock and supply of the equipment, the dealers said.
“Due to an abundance of equipment on the market, solar panel prices in Pakistan have decreased by 30 percent in the last six months,” the market sources said.
The dealers said that a glut of equipment on the local market and a global trend of declining prices are the main reason behind the falling prices.
The decrease in solar panel prices is expected to give some sort of relief to the people, enabling them to save money on electricity costs associated with using conventional power sources.
They revealed that the cost per watt has dropped to at least Rs40 in the market, with panels from various companies now selling for Rs37, a significant fall from Rs80 per watt back in 2022.
According to the dealers, the cost of installing a 5kilowatt solar power system has dropped by Rs215,000, while the system’s is decreased by less by Rs430,000.
Read More: Power Division clears the air on solar power tax
Earlier on April 27, The Power Division on Saturday refuted reports regarding the imposition of a fixed tax on solar power, terming them as baseless and misleading.
The Power Division clarified that no such summary has been sent to the government regarding the imposition of a fixed tax on solar power.
Read More: Solar Solution in Pakistan: All You Need To Know
The statement came after sources reported yesterday that the Central Power Purchasing Agency (CPPA) proposed the federal government to impose a tax on individuals using solar panels for residential or commercial purposes.
The sources privy to the development had reported that the CPPA proposed a tax of Rs 2,000 per kilowatt on residential and commercial consumers installing 12 kilowatts or more.
