Solar panel prices crash in Pakistan after big cut in petrol rates

LAHORE – Solar panel prices have recorded a massive decline in Pakistan following a major cut in petroleum prices amid easing regional situation. The drop in solar panel prices has brought relief for consumers looking to adopt solar energy solutions. It comes a day after the federal government reduced the petrol and diesel prices by up to Rs74 per litre. Reports, citing market sources, said prices of solar plates of different capacities in Lahore have dropped by around Rs4,000 to Rs9,000. Traders said that further reductions in solar panel prices are expected in the coming days after the decrease in petroleum product prices. Earlier, the cost of a 585-watt panel had climbed from Rs18,000 to Rs27,000. Similarly, the price of a 645-watt panel had increased from Rs22,000 to Rs31,200, while a 720-watt panel now costs Rs33,500 compared to the earlier price of Rs25,000. Update on Battery Prices Market sources also indicated that battery prices may see a decline as fuel costs reduce. They said battery prices had previously increased by around Rs27,000 to Rs38,000 due to rising petroleum prices, which contributed to higher selling prices.