LAHORE: Solar system users have received welcome news as lithium battery prices have fallen significantly in the Lahore market, reducing the overall cost of installing solar systems.
According to market sources, prices of different types of lithium batteries have dropped by between Rs20,000 and Rs100,000, with batteries used in on-grid, hybrid and off-grid solar systems becoming cheaper.
The price of a 5kW lithium battery has declined from Rs250,000 to Rs230,000, while the price of a 16kW battery has fallen from Rs750,000 to around Rs650,000.
Market sources said the decline in lithium battery prices, along with falling solar panel prices, has reduced the initial investment required for solar systems and increased consumer interest in solar energy.
Demand for off-grid and hybrid solar systems has also increased following changes to the net-metering policy, with consumers increasingly relying on lithium batteries to store electricity generated through solar systems.
According to market sources, further reductions in the prices of solar panels and lithium batteries could lead to increased demand among both residential and commercial consumers.
