The recent strengthening of the Pakistani rupee (PKR) versus the US dollar (USD) has led to a notable decrease in the cost of solar panels in some Pakistani cities, which is a welcome development.
It is anticipated that this encouraging development would increase the nationwide uptake of solar energy solutions.
The cost of a 165-watt solar panel in Karachi has dropped dramatically, from Rs16,200 to an alluring Rs10,800.
In a similar vein, the price of the 260-watt solar panel has dropped significantly; it is currently selling for Rs26,000 on the market, down from Rs30,000. Moreover, the 550-watt solar panel, which formerly priced at Rs48,400, has been drastically reduced to Rs33,000.
This reduction in solar panel prices can attributed to the government’s decision to eliminate all taxes on solar imports earlier this year. A move that has well-received by both consumers and industry experts alike.
As a direct result of this policy change, solar panel prices have experienced a remarkable decrease from Rs135 per watt to an affordable Rs70 per watt.
In Islamabad, the 550-watt solar panel, previously valued at Rs75,000, is now available at a highly competitive price of Rs34,000, making it an attractive option for residents and businesses alike.
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The solar panel industry, however, remains in a state of uncertainty, marked by conflicting statements from traders.
According to experts, the decrease in the dollar’s value in the global market has played a pivotal role in driving down solar panel prices.
This continuous decline in prices is paving the way for accessible and sustainable energy solutions for a growing number of consumers.
According to Samaa, cities such as Multan and Quetta have also experienced the positive ripple effects of this market shift. In Multan, the price of a 555-watt solar plate has seen a significant reduction from Rs70,000 to an affordable Rs35,000.
Parallel to this, solar panels are now more widely available in Quetta, where the 150-watt solar panel used to cost an affordable Rs14,000, but now only Rs10,000.
Furthermore, the cost of the 300-watt solar panel has dropped from Rs23,000 to an affordable Rs17,000, while the 560-watt solar panel is now only available for Rs29,000 instead of Rs35,000.
The US dollar’s depreciation is helping the solar panel industry in Pakistan, where prices have dropped by a remarkable 20 per cent.
This trend not only makes solar energy solutions financially viable but also aligns with the nation’s broader goals of promoting sustainable and affordable energy alternatives for its citizens.