ISLAMABAD: Solar panel prices in Pakistan have decreased by Rs4,000 to Rs9,000 following a recent decline in petroleum product prices, according to market sources.
Traders said the reduction in fuel prices has eased pressure on alternative energy-related costs, leading to a noticeable decline in solar panel rates across the market. They added that further price reductions are expected in the coming days if petroleum prices continue to stabilize.
Market sources also indicated that battery prices, which had surged due to higher fuel costs, may also see a downward trend. Previously, battery prices increased by approximately Rs27,000 to Rs38,000 per unit amid rising petroleum costs.
Big Energy Shift: Pakistan to Manufacture Solar Panels and Batteries Locally
Earlier, Pakistan is moving toward establishing domestic manufacturing of solar panels and energy storage batteries as part of a broader strategy to reduce import dependence and strengthen the country’s renewable energy sector.
It has been reported that a new policy regarding solar power has reached the final stages of its approval which seeks to change the country’s reliance from basic assembly of solar panels to manufacturing the components locally.
Prime Minister’s Special Assistant to Industry and Production, Haroon Akhtar Khan said this during an interview on a Pakistani television network where he said the goal is to manufacture domestic products and promote innovations in the field of renewable energy.
The solar energy policy aims to pay close attention to developing advanced technologies in the field of energy storage batteries and store the energy collected during the daytime to use it during nighttime. The energy storage system and the remaining components will be manufactured locally in Pakistan.
The officials claim that this step will help save foreign exchange reserves as the import of solar energy components will be minimized.
Moreover, the government hopes that this project will hasten the shift towards more affordable and sustainable energy solutions by establishing a self-sustaining renewable energy supply chain in the country.
There is no official statement about the exact schedule for the implementation of this initiative, although officials have stated that this plan is almost finished.
