ISLAMABAD – Solar panel prices are affected amid reports of more additional taxes in Budget 2024-25. Manufacturers and suppliers jacked up prices to offset the additional tax burden.
The prices fluctuation comes as higher taxes could cut profit margins of sellers. Additionally, if taxes make solar panels more expensive, demand might decrease, which could also lead to price increases as suppliers try to maintain profitability in a potentially saturated market.
Reports in local media suggest that the price of solar panels saw increase by Rs8 per watt and 580-watt solar plate will cost Rs4,000 to Rs5,000 while small plates of 180 to 280 watts currently cost at Rs1,000 – Rs1,500.
The traders of solar panels started stockpiling and filling their warehouses with plates.
It was also reported that government mulls eliminating customs duty on solar panels and its related equipment in the budget for the fiscal year 2023–2024 in an effort to promote power generation using alternative energy sources.
The initiative aims to support domestic solar panel producers and promote solar energy consumption throughout the nation. The government also proposes to exclude inverters, batteries, and other similar equipment from the duty in the financial bill.
Higher prices for imported food and solar panels expected in upcoming budget
