LAHORE: Solar panel prices have witnessed a whooping decline in Pakistan following the government’s decision to decrease the net metering for solar users to Rs10 per unit.
Reports said the prices of solar systems have dropped by up to Rs175,000 as the decrease in the buyback rate has discouraged people.
The price of solar panels has come down by Rs 2 per watt after the revised policy. While the overall cost of installing a solar system has also come down, prices have come down from Rs 35,000 to Rs 200,000 depending on the capacity of the system.
The new market price of a 5 kW solar system has been set at around half a million, while a 7 kW system is now available for Rs 6.5 lakh.
A 10 kW solar setup costs over Rs 8 lakh, while if you go for 15 kW, it will cost you around Rs 1.2 million. These prices apply to on-grid systems. However, for hybrid systems, consumers will need to pay extra for the batteries required to store energy.
| System Capacity | Price |
|---|---|
| 5 kW | Rs5-5.25 Lac |
| 7 kW | Rs6.25-6.50Lac |
| 10 kW | Rs8.25- 8.50 Lac |
| 12 kW | Rs9.75 Lac to 10Lac |
| 15 kW | Rs11 Lac-12Lac |
The federal government’s adjustment to the net metering policy is expected to encourage the use of solar power, making it a more attractive and economical option for households and businesses. The move is in line with the government’s push to promote renewable energy and reduce dependence on conventional sources of electricity.
Earlier this month, the Economic Coordination Committee (ECC) lowered the purchase price of electricity under net metering. Solar consumers will now be paid Rs 10 per unit instead of Rs 27, but this applies only to new solar panel installations.
According to the Finance Ministry, the decision aligns with current market conditions. ECC stated that new solar users will receive electricity from the national grid at off-peak rates.
