KARACHI (HRNW) The prices of solar panels in Pakistan have gone down by 30 percent as the markets have an ‘ample’ stock and supply of the equipment, the dealers said.
“Due to an abundance of equipment on the market, solar panel prices in Pakistan have decreased by 30 percent in the last six months,” the market sources said.
The dealers said that a glut of equipment on the local market and a global trend of declining prices are the main reason behind the falling prices.
The decrease in solar panel prices is expected to give some sort of relief to the people, enabling them to save money on electricity costs associated with using conventional power sources.
They revealed that the cost per watt has dropped to at least Rs40 in the market, with panels from various companies now selling for Rs37, a significant fall from Rs80 per watt back in 2022.
According to the dealers, the cost of installing a 5kilowatt solar power system has dropped by Rs215,000, while the system’s is decreased by less by Rs430,000.