The depreciation of the US dollar against the Pakistani Rupee has brought about a significant reduction in the prices of solar panels in the country.
Solar panel traders in Karachi’s Regal market discussed the impact of the falling value of the dollar with SAMAA TV, noting that the decreased value of the dollar has made solar panels and batteries more affordable.
Here’s a breakdown of the previous and current rates for various solar panel wattages in Karachi:
- 165-Watt Solar Panel: Previous Rate – Rs 16,200, Current Rate – Rs 10,800
- 260-Watt Solar Panel: Previous Rate – Rs 30,000, Current Rate – Rs 26,000
- 550-Watt Solar Panel: Previous Rate – Rs 48,400, Current Rate – Rs 33,000
Additionally, in Islamabad, the price reduction trend is notable. Over the past two years, Pakistan imported solar panels worth an impressive $3.6 billion, according to the Pakistan Solar Association. The primary driver of the decrease in solar panel prices is the government’s decision to eliminate all taxes on solar imports in February of the current year.
This policy change led to a significant drop in solar panel prices, decreasing from Rs 135 per watt to Rs 70 per watt. For instance, a 550-watt solar panel in Islamabad, previously priced at 75,000 rupees, now costs only 34,000 rupees.
Despite the evident decline in the value of the dollar, many markets continue to offer solar panels at reduced prices, reflecting a positive trend in the industry. The solar panel sector remains in a state of flux, with varying statements from traders.
Malik Asif, an official of the Solar Panels Association, highlighted, “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.”
On the other hand, Yahya Khan, a solar panel dealer, acknowledged, “We have an inventory of 150 panels, equivalent to two to three months of stock for installation. If I’ve charged a higher price previously, I will now align it with the market rate to ensure that customers benefit from the lowered costs.”
This decline in solar panel prices aligns with Pakistan’s aim to make renewable energy sources more accessible to a broader range of consumers, contributing to the nation’s green energy objectives.
