Solar panels, batteries rates drop amid reduction in petrol price

LAHORE: Following the reduction of petroleum prices, solar panels and batteries witnessed a sharp fall in their prices on Tuesday.

With this price reduction, citizens planning to install solar power plants on their houses would anticipate a major relief from the installation cost.

As per market sources, solar panel prices decreased by Rs 5,000 to Rs 10,000 on account of the reduction in petrol and diesel prices.

The reduction by the federal government on prices of both petrol and diesel, however, was expected to lead to further downward price revision in the upcoming days.

Similarly, solar market dealers said that fuel costs usually have a direct impact on transport and import prices. If fuel prices increase, then there is a hike in the cost of solar panels, batteries, and inverter prices, but these days, due to improving conditions in the international as well as domestic markets, the trend of price decline has set in.

Prices of batteries rose quite steeply in the last couple of months – some brands registered an increase between Rs 27,000 and Rs 38,000 per battery unit.

However, the recent downward trend in fuel prices has led manufacturers and distributors to decrease their transportation, production, and operation costs.

As such, price of UPS batteries and vehicle battery prices of various brands also reduced by up to Rs 5,000.

Similar trends have also started to be seen for the prices of batteries, which are generally used in the solar system.

This could lead to affordability in household solar installations. Meanwhile, surging energy costs, rising utility bills, and the trend of consumers shifting towards solar is going on a pace; the decrease in prices can help middle-income groups to shift towards alternative solar energy sources.

Other sources. Meanwhile, Sindh CM Murad Ali Shah also announced an option to finance solar power systems for the middle-class population, which is facing rising energy costs.

The Sindh CM said people installing solar power systems would have to pay monthly installments that would be almost the same as their electricity bills. ‘

A consumer paying a Rs 25,000 monthly bill would pay almost the same amount of instalment for the solar system, which will get covered in a few years, and later he or she would avoid a hefty electricity bill,’ Murad said.