Solar panel prices have recorded a massive drop in Pakistan following a major cut in petroleum prices amid easing regional situation.
Solar panel prices have started declining in Lahore, with rates falling between Rs. 4,000 and Rs. 9,000 across various panel categories, according to market sources.
The fall in solar panel prices has given relief to people who want to switch to solar energy solutions. This comes a day after the federal government reduced petrol and diesel prices by up to Rs74 per litre.
Industry sources said that battery prices are also likely to fall soon. Earlier, battery costs had increased by Rs. 27,000 to Rs. 38,000 per unit because transportation became more expensive during a time of high fuel prices.
The expected decrease in solar system costs could bring major relief to homes and businesses that are thinking about switching to renewable energy, especially since electricity bills are still high.
Market experts believe that solar panel and battery prices may decrease further if fuel prices stay stable and transportation costs continue to go down.
