Friday, December 1, 2023

Massive Drop in Solar Panel Prices as the Pakistani Rupee Strengthens Against the US Dollar

The depreciation of the US dollar against the Pakistani Rupee has had a significant impact on the prices of solar panels across various cities in Pakistan. The reduction in solar panel prices is attributed to the favorable exchange rate, making renewable energy solutions more affordable for consumers.

In Karachi, the price of a 165-watt solar panel dropped from Rs15,000 to Rs5,000, and similar reductions were observed for 260-watt and 550-watt panels. This price decline was not limited to Karachi but extended to other cities, including Islamabad, Multan, Faisalabad, and Quetta.

The government’s decision to abolish taxes on solar imports in February of the same year played a crucial role in the price drop. This policy change led to a considerable decrease in solar panel prices, from Rs135 per watt to Rs70 per watt. Consequently, 550-watt panels in Islamabad, which previously cost Rs75,000, are now available for Rs34,000.

This reduction in solar panel prices is not only beneficial for consumers but also aligns with Pakistan’s goals to promote sustainable and affordable energy solutions, making renewable energy more accessible to a wider audience. The market’s response to the decreased value of the dollar highlights the potential for greater adoption of clean and sustainable energy systems in Pakistan. It’s a positive development that can contribute to the country’s green energy objectives and provide economic advantages for both businesses and individuals.

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