ISLAMABAD: Prices of solar energy equipment have seen a sharp increase across Pakistan, with solar inverters and lithium batteries recording significant hikes following earlier increases in solar panel prices, making solar system installations increasingly unaffordable for many consumers.
The price increase is due to fears among stakeholders that there may be additional taxes levied on solar panels in the coming federal budget. In anticipation of such an increase, there have been a lot of adjustments in the prices of the products in markets around the country.
As per market information, there is currently a 10 percent tax on the importation of solar panels. The looming fear of additional taxes has caused a price increase of up to Rs4,000 in the price of each solar panel before any changes have been officially made.
The current price of 585 watt, 645 watt and 720 watt solar panels ranges from Rs26,000 to Rs32,000.
It was also noted that solar inverters had increased sharply in price by about Rs 20,000. The prices of smaller inverters designed for solar systems ranging from 1 kW to 3kW have increased by Rs5,000 to Rs10,000.
However, the demand for lithium batteries has grown significantly owing to the extreme heat during summers and frequent power cuts, which has caused the price to increase further by an average of Rs 20,000 per unit.
The price of a 5kW lithium battery has now risen to Rs260,000, causing an even bigger blow to middle-class families, who are switching to solar power systems due to the increasing cost of electricity.
It is expected that uncertainty regarding taxes and increased demand may further cause chaos in solar equipment prices in the coming weeks.
