ISLAMABAD (Kashmir English): Prices of solar panels and batteries fell considerably in Pakistan following a reduction in petrol prices.
Householders intending to invest in their own rooftop solar plant will see a major cost reduction on equipment prices. According to sources in the market, solar panels dropped between Rs 5,000 and Rs 10,000 due to the reduction in petrol and diesel prices.
Though it is being reported that the Federal Government’s price cut in petrol and diesel would continue to put downward pressure on prices further on the upcoming day.
According to solar market dealers, prices of fuel have a direct impact on shipping and import prices. In the face of a price hike in fuel, there usually rises prices in solar panels, batteries, and inverter, but these days, due to improvements in the domestic and international market, an overall price decrease trend is now set.
Prices of batteries have hiked considerably in the past few months, with some brands even seeing a Rs 27,000-Rs 38,000 per unit increase for batteries. The trend for a decrease in prices in recent weeks comes after a decrease in the cost of fuel by manufacturers and vendors, impacting the price of the product for both production and transportation, and operational costs.
Likewise, prices of some vehicles and UPS battery units fell by up to Rs 5,000 from different brands of UPS batteries.
Trends similar to the price of batteries typically seen for solar systems are also set to decrease.
The change could also make solar panels a cheaper option in household solar projects. Solar panels’ price slump may also bring major relief to middle-class households who were switching from fossil fuels to solar, with energy costs rising at an accelerated rate and electricity bills going through the roof.
Meanwhile, Sindh CM Murad Ali Shah had promised to offer financing plans for the solar system at the same time for the middle-income strata with rising energy costs.
CM Shah further added in this matter, Sindh CM said people opting for the installation of solar power systems would need to pay monthly installments, which will be very close to their electricity bill amount.
‘So a consumer paying R 25,000 each month to buy the bill could practically have the equivalent amount as an installment payment for a solar system, which he would get back in a few years and be able to avoid a huge electricity bill,’ Murad mentioned.
