Karachi: The prices of solar panels have fallen to an all-time low due to widespread imports and increased supply relative to consumption in the country.
The prices of solar panels have decreased by 15 to 25 percent This has enabled the availability of solar panels at the lowest level in history for consumers in the local market.
Faisal Bawani, an importer of solar panels of leading brands, while talking to Express said that the price of solar panel per watt has further decreased by Rs 7 to Rs 13 in the last four months due to increase in supply compared to consumption.
He said that during the year 2023, 4 GW of solar panels containing 12 thousand containers were imported in the country, while during the four months of January 2024 to April 2024, 7.5 GW of solar panels containing 22 thousand 500 containers were imported in the country. The prices per watt of different types of solar panels in the local market have come down from Rs 45 and Rs 53 to Rs 38 and Rs 40 per watt.
Market sources say that one of the reasons for the decrease in the prices of solar panels is the stopping of imports of solar panels from China, the United States, European countries and India and the reduction of the price of solar panels per watt by 1.5 to 2 cents from China.
Faisal Bawani said that China is offloading its stock of finished solar panels and is manufacturing new panels of 610, 650 and 670 watts of new versions with HJT technology.
He said that Pakistan consumes 2 thousand containers of solar panels every month. Faisal Bawani said that although the prices of solar panels are decreasing, the prices of solar inverters are still stable and currently the price of 3 to 4 KVA inverter is 80 thousand to 1 lakh 20 thousand rupees, 5 to 6 KVA inverter is Rs. The price is between 1.5 lakh and 2 lakh 20 thousand rupees while the price of 10 KVA inverter is between 2.5 lakh and 3 lakh 25 thousand rupees.
It is worth mentioning here that the importers in the market who had imported solar panels at high prices have become nervous due to the current price war as they have to sell their stock at prevailing prices to compete in the domestic market. falling
Faisal Bawani said that the solar panel business is a fast rolling business, but due to the impact of the real estate business in the last few months, apart from the real estate sector, people associated with various industrial sectors and trade have also joined this business. Import contracts for solar panels have increased manifold from the consumption of solar panels in the market, which has not only unleashed a price war for solar panels, but many importers have been forced to sell solar panels at a price lower than their import cost.
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