The solar energy market in Pakistan is experiencing a remarkable shift as prices continue to decrease. The cost per watt has fallen to between 30 and 32 rupees.
This marks a decline from earlier this year, when prices ranged from 39 to 40 rupees per watt in April.
A year ago, solar panels were priced at 80 rupees per watt, which has now dropped to 37 rupees.
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 28 rupees.
Federal Minister Owais Leghari recently revealed that Pakistan imported 8,000 megawatts of solar panels in just one year. 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.