Solar panel prices in Pakistan have plunged to an unprecedented low, now ranging between Rs. 30-32 per watt. This marks the lowest price point in the history of the solar energy market in the country, driven by a combination of local oversupply and a global decrease in lithium battery costs.
Industry insiders attribute the significant price reduction to a dramatic 50 percent drop in lithium battery prices over the past 12 months in the international market. This decline has exerted downward pressure on solar panel costs domestically, though it’s noteworthy that prices for dry batteries have remained relatively stable. Importers have reportedly resisted passing on the cost reductions to local buyers, maintaining higher prices despite the global trend.
The rapid expansion of Pakistan’s solar energy market, particularly since 2023, has been bolstered by substantial imports from China. This influx has enabled importers to meet the growing demand for net metering solutions, as consumers seek more affordable and reliable alternatives to expensive grid electricity.
The ongoing decline in solar panel prices is expected to further accelerate the adoption of solar energy across Pakistan, offering consumers an economically viable solution amidst rising electricity costs.