Solar panel prices drop by thousands of rupees

LAHORE: A significant drop in the prices of solar panels of different capacities has been recorded in the electronics and solar market of Lahore.

According to market sources, solar panels of different wattages have now become cheaper by Rs 4,000 to Rs 9,000, after which interest in purchasing from domestic and commercial consumers is expected to increase again.

Traders say that the effects of the recent decline in petroleum product prices have now started to be seen in the solar market as well. The prices of solar products have eased due to reduced transport and import costs. If the situation continues, the prices of solar panels may also see a further decline in the coming weeks.

According to market sources, the prices of solar products had been continuously increasing over the past few months due to rising fuel costs. During this time, not only solar panels but also batteries and other related equipment had become expensive, which made consumers have to bear additional costs for installing a complete solar system.

Experts say that if the prices of petroleum products remain at the current level at the global and local levels, then the prices of batteries are also expected to decrease significantly. This will benefit domestic consumers, businesses and the agricultural sector, as the overall cost of the solar system will be reduced.

According to information available in the market, in the past, the price of a battery was recorded to increase by about 27 thousand to 38 thousand rupees. Now it is expected that after the cost comes down, batteries will also be available at relatively cheap prices, which may further increase the trend towards solar energy.