Solar panel demand soars as prices plunge

The prices of solar panels have witnessed a remarkable decline of 60-70%, attributed to the depreciation of the dollar and the elimination of a 17% sales tax. This drastic reduction has propelled the affordability of solar panels, making them more accessible for the general public to harness cost-effective electricity.

As of the beginning of 2024, the cost of a solar panel system per watt has plummeted from Rs130-140 to an unprecedented low of Rs45-53. Speaking to The Express Tribune, Faisal Bawani, a prominent solar panel importer, highlighted the added benefits of installing top-quality branded solar panels, including after-sales service and a generous 25-year warranty.

Bawani stressed the importance of opting for standard branded solar panels with unique identification numbers, cautioning against sub-standard alternatives that are prone to issues like cracking or chipping. A one-kilowatt standard solar panel, he noted, generates four units of electricity daily.

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The historic reduction in solar panel prices has triggered a surge in demand, particularly on a residential and commercial scale. Internationally, solar panel prices have globally dropped from 26 cents to 13 cents. Given the environmental friendliness of solar power, international subsidies are being offered to solar power users to encourage adoption.

Despite the significant decrease in solar panel prices, the costs of inverters and batteries have remained unchanged. A 2-kilowatt solar system, complete with a battery and inverter, is now priced at Rs250,000 in the market, with the 225-ampere battery alone available for approximately Rs75,000. Nevertheless, the overall expense of a complete solar panel system, including the inverter and battery per kilowatt, has now reduced to Rs125,000, making sustainable energy solutions more accessible to the masses.

Published in The Express Tribune, January 12^th, 2024.

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