The depreciation of the US dollar against the Pakistani Rupee has had asignificant impact on the prices of solar panels. In Karachi’s Regalmarket, solar panel traders have reported a substantial decrease in prices,attributed to the declining value of the dollar.
For instance, a 165-watt solar panel that previously cost 16,200 rupees nowsells for 10,800 rupees. Similarly, a 260-watt solar panel dropped from30,000 to 26,000 rupees, and a 550-watt panel went from 48,400 to 33,000rupees.
Notably, Islamabad has also witnessed a sharp decline in solar panel pricesover the past two years, as the country imported solar panels worth $3.6billion.
This decline is largely attributed to the government’s decision in Februaryto eliminate all taxes on solar imports, resulting in a price reductionfrom 135 rupees per watt to 70 rupees per watt. In Islamabad, a 550-wattsolar panel, previously priced at 75,000 rupees, now costs only 34,000rupees.
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Despite the evident depreciation of the US dollar, many markets continue tooffer solar panels at reduced prices. The solar panel industry remains in astate of uncertainty, with varying statements from traders.
Malik Asif of the Solar Panels Association has commented on the situation,noting that the decrease in the global value of the dollar has led tosubstantial reductions in solar panel prices, ultimately creating newopportunities for affordable and sustainable energy solutions.