Solar prices drop up to 25%

Solar prices have dropped by 15% to 25% due to widespread imports and increased supply relative to consumption in the country. This has made solar panels available at historically low levels in the local market for consumers. Faisal Bawani, the importer of solar panels of leading brands, told The Express Tribune that the cost of solar panels per watt has further decreased by Rs7 to Rs13 in the last four months due to the increase in supply compared to consumption. He noted that 4GW of solar panels, containing 12,000 containers, were imported into the country during 2023, while 7.5GW solar panels, containing 22,500 containers, were imported into the country from January 2024 to April 2024. As a result, the per watt prices of different types of solar panels in the local market have decreased from Rs45 and Rs53 to Rs38 and Rs40. Market sources suggest that one reason for the decrease in the prices of solar panels is the halt in imports of solar panels from China to the United States, European countries, and India, along with the reduction of solar panel prices by 1.5 to 2 cents per watt from China.