Amid a cut in duty on solar panels, the price of panels recorded a significant decline in Lahore city of Punjab, dealers said as they warned of a likely hike in the prices of solar panels in the upcoming months.

The price of the larger solar plate was down by Rs40,000 to reach Rs30,000 from the previous price of Rs70,000 in the capital city of Punjab where buyers rushed to markets to get solar panels.

They said that solar power was more affordable than electricity and piped gas. Several customers also complained of hours-long load shedding on a daily basis.

Meanwhile, the dealers said that the demand for solar panels recorded an increase after the sharp decline. However, they added that the prices are likely to increase in the next month.

They advised the citizens to grab the opportunity and install solar panels at their homes and offices before an uptick in the prices.

It is pertinent to mention that citizens are opting to install solar panels for their daily use on the back of hours-long load-shedding of electricity and gas.

Customers flocked to the electronics market in Karachi, the financial hub of Pakistan, after the price of 160W solar panel declined by Rs4,000 to Rs11,000 from the earlier price of Rs15,000, registering a 36% drop.