Globally, the prices of solar panels have undergone a significant reduction, attributed to an unprecedented surge in supply coupled with a decrease in demand. Warehouses in both America and Europe find themselves stocked with surplus solar panels.
As per a report from the International Energy Agency, there is a projected 50% decline in solar panel prices throughout 2023, and this trend is already underway. Manufacturers of solar panels are strategically focusing on cost-cutting measures and innovative approaches to boost sales and enhance profit margins.
Noteworthy efforts are being made in America, India, and various Southeast Asian countries to curtail the expenses associated with solar panels. Conversely, China has ambitious plans to achieve an 85% production capacity for solar panels by the year 2028.
The diminished global demand is a primary factor contributing to the decrease in solar panel prices, with a recorded 60% decline worldwide in 2023. Forecasts suggest that over the next four years, prices may further dwindle to around 40%.
In Pakistan, local market prices have decreased by over 50%, with reports of a 70,000-rupee panel now costing 30,000 rupees.
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