Pakistan saw massive shift towards solar energy, driven by need to reduce dependency on costly fossil fuels. Amid the rise in solar shift, prices of imported panels have sharply dropped to Rs. 30-32 per Watt, in what is said to be lowest in recent years.
Experts linked the price drop to an oversupply in the local market and declining international rates. The drop is also driven by significant drop in the global prices of lithium batteries.
In recent years, the price of lithium batteries in the international market also plummeted by half, which has had a notable effect on domestic solar panel costs. However, dry battery prices have not seen a similar decrease, as importers have been reluctant to lower prices for local buyers.
Last year, Pakistan’s solar energy market has seen rapid growth, with imports from China enabling importers to meet the increasing demand for net metering solutions.
The sky-high cost of grid electricity forced many consumers to switch to more affordable and dependable solar energy options.
KP announces free solar systems for 100,000 families; check eligibility
