Solar Panel Prices Significantly Decrease In Pakistan

Before the onset of the summer season in Pakistan, there have been significant fluctuations in the prices of solar panels.

A considerable reduction in costs has rendered solar panels more economically accessible, owing to heightened manufacturing output by Chinese firms, resulting in an excess of panels both domestically and globally.

Read more: The Ultimate Guide to the Best Solar Panels in Pakistan for 2024

The influx of low-cost Chinese solar panels has intensified competition for American and European manufacturers.

The International Energy Agency has forecasted that global supply of solar panels will surge to 1,100 gigawatts by year-end, surpassing ongoing demand threefold.

In 2023, solar panel prices experienced a sharp decline and are anticipated to decrease further by 40 percent in the near future.

Due to this price reduction, systems ranging from 7 to 15 kilowatts are now available for as little as Rs2lac. Consequently, the solar panel industry is poised for significant growth in the forthcoming months, fueled by consumers seeking to mitigate soaring utility expenses.