Big drop in solar panel prices in Pakistan

Solar panel prices in Pakistan: According to global media reports, solar panels have become so affordable in various countries around the world that they are being used to create fences in the Netherlands and Germany.

Images shared on social media from European countries show that people have started using solar panels to create fences instead of installing them on the roofs of houses.

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According to news agencies, solar panels are typically installed on roofs to benefit from them. However, in these European countries, the installation of panels is so high that people consider using solar panels for fencing.

According to the report, the reason for the decrease in the prices of solar panels is the increased production of solar panels by Chinese companies in the global market. Due to the oversupply of solar panels, the market has surpassed China’s grip, which American and European manufacturers are unable to compete with.

According to estimates by the International Energy Agency, global supply of solar panels will be three times higher than current demand by the end of this year.

The agency further said that prices in the spot market have already fallen by half and there is a possibility of a further 40 percent reduction in prices by 2028.

While solar panels have become cheaper worldwide, there is also a noticeable decrease in their prices in Pakistan. Last year, there was also a decrease in the prices of panels used to generate electricity from solar energy.

At present, the price of a 7 to 15 kilowatt system in the market has dropped to two hundred thousand rupees. Businessmen involved in buying and selling solar panels say that this is happening due to various factors and prices will continue to decrease for some time.