LAHORE – The prices of solar panels saw major price changes ahead of summer season in Pakistan.
With a significant drop in rates, solar panels have become affordable due to increased production by Chinese companies, leading to a surplus of panels in local and global markets.
Amid the arrival of low-cost Chinese solar panels, US and European manufacturers are facing big competition.
International Energy Agency predicts global solar panel supply to reach 1,100 gigawatts by the end of the year, tripling ongoing demand.
Solar panel prices plummeted in 2023 and are expected to drop another 40 percent in coming days.
With the drop in prices, price of 7-15 kilowatt systems is being sold as low as Rs2lac. Solar panel businesses will also see boom in the coming months as people are paying record prices in utility bills.