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In Pakistan, solar panel prices have hit an all-time low, marking a significant milestone in the renewable energy sector.

1 year ago
1 year ago
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In Pakistan, solar panel prices have hit an all-time low, marking a significant milestone in the renewable energy sector.

The prices of solar panels in Pakistan have plummeted to unprecedented lows, attributed to extensive imports and a surplus in supply compared to demand.

The cost of solar panels has decreased significantly by 15% to 25%, resulting in record availability for consumers in the domestic market. This decline is attributed to an increase in supply relative to consumption, leading to a further reduction in the cost per watt of solar panels by Rs. 7 to Rs. 13 over the past four months.

Solar Panel's Import in 2023

In 2023, the country imported 4 GW of solar panels, equivalent to 12,000 containers. However, during the four months from January to April 2024, the import increased to 7.5 GW, totaling 22,500 containers. This surge in imports has led to a significant drop in per watt prices for various types of solar panels, reducing from Rs. 45 and Rs. 53 to Rs. 38 and Rs. 40.

According to market sources, the decline in solar panel prices is attributed to the cessation of imports from China, the United States, European countries, and India. Additionally, China has reduced the price per watt of solar panels by 1.5 to 2 cents, further contributing to the overall decrease in prices.

China Start Working on HJT Solar Technology

China is reportedly clearing its surplus inventory of completed solar panels while introducing new models with enhanced versions of HJT (Heterojunction Technology), featuring capacities of 610, 650, and 670 watts.

Solar Invertes's Price in Pakistan

Despite the decreasing prices of solar panels, solar inverters are maintaining stability in their pricing. Presently, a 3 KVA to 4 KVA inverter costs between Rs. 80,000 to 1,20,000, while a 5 KVA to 6 KVA inverter is priced at Rs. 1,50,000 to 2,00,000. Similarly, a 10 KVA inverter is available in the range of Rs. 2,50,000 to 3,25,000.

Importer's Investment in Solar Panel

Importers who had previously brought in solar panels at higher prices are now feeling anxious due to the ongoing price competition in the market. They are compelled to sell their existing stock at current market rates to remain competitive domestically, indicating a downward trend in prices.

The solar panel industry, typically known for its rapid pace, is facing challenges due to the slowdown in real estate. Beyond the real estate sector, individuals from various industries and trades have entered the solar panel business, signing import contracts without much discrimination. This influx has led to a significant increase in the consumption of solar panels in the market, triggering a price war and compelling many importers to sell panels at prices below their import costs.
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