Solar panel prices increase sharply even before the budget

LAHORE: The city’s solar market has witnessed an unprecedented increase in the prices of solar panels of various capacities in recent days.

According to market sources, the prices of on-grid solar systems ranging from 5 kW to 15 kW have increased by Rs 1.5 to 2 lakh, which has created concern among consumers.

Sources say that now the new price of a 5 kW solar system has been fixed at Rs 650,000, which was earlier around Rs 500,000. Similarly, the price of a 7 kW solar system has increased by Rs 2 lakh and has now reached Rs 825,000.

Similarly, the price of a 10 kW solar system has also increased from Rs 9 lakh to Rs 1.1 lakh, while the price of a 12 kW system has increased by Rs 2 lakh to Rs 1.25 lakh.

According to market sources, the price of a 15 kW solar system has also increased to Rs 1.45 lakh, which was earlier around Rs 1.3 lakh.

This increase is for on-grid solar systems, however, users installing off-grid solar systems will have to pay the cost of batteries separately, which may further increase the overall cost.

Consumers and investors are now concerned about the rising cost of solar energy as recent inflation has already affected the efficiency and cost balance of alternative energy sources.

Experts say that this increase in prices is a reaction to the rising cost of solar panels and equipment in the global market, while demand in the local market is also increasing.

Consumers are now expecting government agencies and market regulators to take steps to stabilize prices so that interest in solar energy does not wane and the promotion of alternative energy sources continues.