Imported Chinese panels become more expensive amid rising global raw material prices and higher demand
Men load solar panels onto a rickshaw at a market in Karachi. Source: Reuters
KARACHI:
A strong upward trend has emerged in solar panel prices across the country since the beginning of the current year. In local markets, prices of imported Chinese solar panels with capacities of 585 watts, 645 watts and 720 watts have increased by an average of Rs 5,000.
As a result, the price of a 585 watt solar panel has increased from Rs 16,000-17,000 to Rs 20,000-21,000. Similarly, the price of a 645-watt panel increased from Rs20,000 to Rs24,000-25,000, while the price of a 720-watt panel increased from Rs22,000-25,000 to Rs30,000-35,000.
Saleem Memon, solar panel importer and vice-president of the Karachi Electronics Dealers Association, told The Express PK Press Club that rising global prices of silver and copper have increased the cost of production for Chinese solar companies. Due to this, the price per watt of solar panels has increased from Rs22 to Rs33 in the last five months.
He added that due to growing public demand and further price hikes in China, the price per watt of solar panels could reach Rs 40 in the coming months. He also pointed out that taxes imposed on the import of Chinese solar panels are another major factor contributing to the price rise.
According to him, increasing competition in solar panel technology locally is also affecting prices. He noted that due to large-scale imports over the past two years, significant stocks of solar panels are currently available in the country.
Saleem Memon further said that not only have solar panels become more expensive across the country, but the prices of batteries used with solar systems have also increased. Over the past month, solar battery prices have increased by around 10 percent.
