The solar energy market in Pakistan is experiencing a remarkable shift as prices continue to decrease. The cost per watt has fallen to between Rs30 and Rs32.
This marks a decline from earlier this year when prices ranged from Rs39 to Rs40 per watt in April.
A year ago, solar panels were priced at Rs80 per watt, which has now dropped to Rs37.
The reduction in prices is attributed to an increase in local supply and a decrease in international rates. Currently, the price per watt for solar panels has reached as low as Rs28.
Federal Minister Owais Leghari recently revealed that Pakistan imported 8,000 megawatts of solar panels in just one year.
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This surge in the market has prompted several companies to plan the installation of solar inverter plants in Pakistan, aiming to save foreign exchange through local production.
If solar systems are installed with QR code verification and maintained properly, they can provide reliable service for many years.
