Solar Panel prices see big drop in Pakistan

The solar panel market in Pakistan, including cities like Faisalabad, is experiencing a significant transformation, with prices plummeting by over 50%.

The cost per watt of solar panels has dipped below 40 rupees, marking a remarkable shift in affordability and accessibility.

Driven by the country’s expensive electricity rates, the adoption of solar panels has surged, triggering an unexpected drop in prices.

Just two years ago, the average price per watt stood at 80 rupees, but today it has drastically fallen to 37 rupees, showcasing a remarkable 50% reduction.

The surge in solar panel imports, surpassing demand, has led to a surplus in the market, pushing prices to historic lows. In the span of a few months, prices witnessed a sharp decline of 15 to 25 percent, making solar panels more accessible to consumers.

Furthermore, the influx of solar panel imports has intensified over recent months, with 7.5 gigawatts imported between January and April 2024 alone.

This influx has slashed prices even further, with different panel types now available in the local market ranging from Rs 38 to Rs 40 per watt.

Market analysts attribute this price plunge to several factors, including a halt in solar panel imports from major countries like China, the United States, Europe, and India.

Additionally, China’s strategic move to clear out existing inventory and introduce new, more efficient panels with advanced HJT technology has contributed significantly to the price crash.

Overall, these developments signal a promising era for solar energy adoption in Pakistan, as lower prices make solar panels more accessible to a wider population, paving the way for a greener and more sustainable energy future.

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