Saturday, May 25, 2024

Pakistan-China Coop in Manufacturing Solar Panel to Help Pak Cut $ 27 bln Annual Import Bill

In collaboration with China’s public and private sector, government of Pakistan has planned to start the manufacturing of solar panels in Pakistan, a major milestone to generate green energy to increase its footprints in climate-smart global world. The initiative will also help Pakistan  cut the $ 27 billion annual import bill.

The Alternate Energy Development Board has finalized the 10 years policy on the solar panels and allied equipment manufacturing policy. With the help of China, solar panel’s manufacturing will contribute government effort to install about 9.7GW of renewable energy power generation systems throughout Pakistan by around 2030. The government’s strong support and policy continuity will provide strong guarantee to business development in the field.

While speaking in the National Assembly session Federal Law Minister Nazir Tarar, said that government plans to start manufacturing solar panels with the help of China. Azam Nazir Tarar said that duty on solar panels has been reduced, we have to stop theft of electricity, and line losses also have to be reduced. It should be noted that as electricity prices are increasing in the country, the trend of people towards solar panels is considerably increasing. Given the current situation with the arrival of summer, the federal government has also reduced the import duty on solar panels to increase the production of electricity in the country.

Pakistan’s practical solar potential, measured at 4.713 kWh/kWp, places the country at 49th globally. This metric showcases the efficiency of solar power generation systems in Pakistan and highlights its ability to convert sunlight into usable energy. What needs to be mentioned more is that Pakistan’s average levelized cost of electricity (LCOE) for solar power stands at 0.09 USD/kWh, highlighting its affordability compared to traditional fossil fuel-based electricity generation. With a range of 0.08 to 0.11 USD/kWh, Pakistan has the potential to further optimize its solar energy systems, making them even more economically viable.

PM Shahbaz Shairf has also constituted a task force on solar energy initiatives with a vision to promote sustainable and green energy. The government is working on a comprehensive solar energy package comprising tax waivers and concessionary loans for consumers in a bid to overcome the prolonged power outages.

Related Articles

Latest Articles