The significant drop of the USD rate in Pakistan resulted in a massive decrease in solar panel prices across the country.
A report published by Pakistani local news network SAMAA TV highlighted the solar panel price drop in Pakistan, pointing out the significant difference in solar panel prices in Pakistan from PKR 15, 000 to PKR 5,000.
According to the Pakistan Solar Association, PSA, the country’s solar panel imports are worth $3.6 billion over the past two years.
The reduction in dollar value lessens the cost of solar panels in Pakistan by 20%.
Solar Panels Price in Karachi
After talking to different traders from Regal Market Karachi, it was discovered that the USD rate decreased, resulting in cheaper solar panels in Pakistan.
The 165-watt solar panel was sold at PKR 16,200. The price of a 165-watt solar panel in Karachi reduced to PKR 10,800 after dollar value reduction.
Similarly, a 260-watt solar panel which was being sold at PKR 30,000 is now available at PKR 26,000.
The price of a 550-watt solar panel in Karachi declined from PKR 48,400 to PKR 33,000.
Solar Panels Price in Islamabad
A survey conducted in Islamabad revealed that 550-watt solar panels that were of PKR 75,000 are now available at PKR 34,000 price.
Solar Panels Price in Lahore
The price of solar panels in Lahore dropped from PKR 135 per watt to PKR 70 per watt. It has been noted that the solar panel price in Lahore is still dropping with the dollar rate decreasing each day.
Solar Panels Price in Faisalabad
The solar plates price in Faisalabad underwent a massive decline with the dollar rate coming down. The price of a 150-watt solar panel went down to PKR 12,000 from PKR 14,000.
The 550-watt solar plate now costs PKR 32,000. Not to mention, the same solar panel price in Faisalabad was PKR 32,000 before.
Solar Panels Price in Multan
In Multan, solar panel prices have decreased as well. The current 555 watt solar panel price in Multan is 35,000, which was 70,000 before.
Solar Panels Price in Quetta
In Quetta, the 150-watt solar plate now costs PKR 10,000, which was PKR 14,000 before the dollar rate declined.
Moreover, the 300-watt solar panel in Quetta costs 17,000, its previous price was PKR 23,000.
Similarly, the 560-watt solar price went down from PKR 35,000 to PKR 29,000.
The solar panel price reduction in Pakistan is mainly due to exempted duty taxes on solar panel manufacturing equipment import.
Malik Asif, representative of PSA, stated that;
“Due to the decrease in the value of the dollar in the global market, the prices of solar panels have decreased significantly. Solar panel prices are continually decreasing, creating new opportunities for affordable, sustainable energy solutions.”
Pakistan is making efforts to boost its renewable energy share to 65% by the year 2030. And with such decrease in solar panel price in Pakistan, embracing green energy has been more accessible for homeowners, commercialists, and industrialists.