Solar panel prices surge at start of the year

Imported Chinese panels become costlier amid rising global raw material prices, higher demand

KARACHI:

A sharp upward trend has emerged in solar panel prices across the country since the beginning of the current year. In local markets, the prices of imported Chinese solar panels with capacities of 585 watts, 645 watts, and 720 watts have increased by an average of Rs5,000.

As a result, the price of a 585-watt solar panel has risen from Rs16,000-17,000 to Rs20,000-21,000. Similarly, the price of a 645-watt panel has increased from Rs20,000 to Rs24,000-25,000, while the price of a 720-watt panel has jumped from Rs22,000-25,000 to Rs30,000-35,000.

Solar panel importer and Vice President of the Karachi Electronics Dealers Association Saleem Memon told The Express Tribune that rising global prices of silver and copper have increased the production cost for Chinese solar companies. Due to this, the per-watt price of solar panels has increased from Rs22 to Rs33 over the past five months.

He added that due to growing public demand and further price hikes in China, the per-watt price of solar panels may rise to Rs40 in the coming months. He also pointed out that taxes imposed on the import of Chinese solar panels are another major factor contributing to the price increase.

According to him, rising competition in solar panel technology at the local level is also affecting prices. He noted that due to large-scale imports over the past two years, substantial stocks of solar panels are currently available in the country.

Saleem Memon further said that not only have solar panels become more expensive nationwide, but the prices of batteries used with solar systems have also increased. Over the past month, solar battery prices have risen by around 10 per cent.