Solar Panel prices in Pakistan register a massive drop

Solar Panel prices in Pakistan register a massive drop

The depreciation of the US dollar against the Pakistani Rupee has had a significant impact on the prices of solar panels. In Karachi's Regal market, 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 now sells for 10,800 rupees. Similarly, a 260-watt solar panel dropped from 30,000 to 26,000 rupees, and a 550-watt panel went from 48,400 to 33,000 rupees.

Notably, Islamabad has also witnessed a sharp decline in solar panel prices over the past two years, as the country imported solar panels worth $3.6 billion.

This decline is largely attributed to the government's decision in February to eliminate all taxes on solar imports, resulting in a price reduction from 135 rupees per watt to 70 rupees per watt. In Islamabad, a 550-watt solar panel, previously priced at 75,000 rupees, now costs only 34,000 rupees.

Despite the evident depreciation of the US dollar, many markets continue to offer solar panels at reduced prices. The solar panel industry remains in a state 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 to substantial reductions in solar panel prices, ultimately creating new opportunities for affordable and sustainable energy solutions.