The cost of solar panels in Pakistan has witnessed a substantial decrease, attributed to a surge in demand in April, leading to increased affordability for consumers.
Media reports indicate that the price of solar panels plummeted to Rs40 per watt in April, marking a significant decline from previous rates. This reduction is notable, with prices dropping from Rs80 per watt just two years ago to as low as Rs37 per watt currently.
As a result of this decline, solar energy systems have become more accessible to consumers. For instance, the cost of a five-kilowatt solar system has decreased to Rs215,000 compared to prices in 2022, while a 10-kilowatt system is now priced at Rs430,000. Additionally, individual 180-watt solar panels can be acquired for as little as Rs6,660.
While the prices of inverters and batteries, essential components for solar system installation, have not experienced significant decreases, solar panel dealers attribute the price decline to an increase in supply.
Dealers assert that due to a surplus in the market, solar panel rates have decreased by 30% within a span of just six months. Moreover, they anticipate further decreases in solar panel prices in the near future.
The sudden affordability of solar panels, previously considered expensive, can be attributed to a large-scale solar energy utilization plan initiated in Europe. Despite European intentions to produce solar panels locally, Chinese companies flooded the market with their products, leading to consistent price declines.