WEB DESK: In a significant development, the prices of solar panels have experienced a dramatic decline, presenting a more accessible alternative to combat soaring electricity bills.
According to media reports, dealers attribute this sharp drop in prices to a combination of factors, including an abundant supply of equipment within the local market and a downward trajectory in international rates.
Over the past six months, the market has witnessed a staggering 30 per cent reduction in solar panel prices, with the cost per watt plummeting to Rs40 or even lower. Panels from various brands are now available at approximately Rs37 per watt, marking a substantial decrease from the Rs80 per watt rate recorded in 2022.
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The price adjustment translates into significant savings for consumers interested in adopting solar power. For instance, the installation of a 5kW solar power system is now more affordable by Rs215,000, while the overall cost of a 5kW system has decreased by Rs430,000. However, it’s pertinent to note that there has been no corresponding change in the prices of inverters and batteries.
Industry experts anticipate that this downward trend in solar panel prices is likely to persist in the foreseeable future, potentially offering further relief to consumers seeking sustainable and cost-effective energy solutions amidst rising utility expenses.
