Solar Panel Prices Rise Ahead of New Fiscal Year Budget in Pakistan

KARACHI: Solar panel prices have increased in the market even before the announcement of Pakistan’s budget for the new fiscal year.

According to market sources, the price of a single solar panel has risen by Rs7,000 to Rs9,000, depending on capacity. The price of a 585-watt solar panel has increased from Rs18,000 to Rs27,000.

Similarly, the price of a 645-watt solar panel has jumped from Rs22,000 to Rs31,200, while a 720-watt panel has increased from Rs25,000 to Rs33,500.

Market sources have also warned that the prices of solar inverters may rise in the coming days.

The increase comes amid reports that the government is considering raising the General Sales Tax (GST) on solar panels from 10 percent to 18 percent in the upcoming fiscal year’s budget. Although the proposed tax changes have not yet been implemented, solar panel prices in Karachi have already surged in anticipation of the budget measures.