Further decline in solar panel prices expected in the coming days
A record reduction of Rs2,000 in solar panel prices has been witnessed over the past few days.
As taxes were not increased in the budget, the high prices of solar panels and batteries have started to come down. Prices of solar panels of various wattages have decreased by up to Rs2,000.
According to sources, a further reduction of Rs7,000 is expected within the next two weeks, while lithium battery prices may decline by Rs25,000 to Rs200,000.
Market sources said battery prices had previously been increased by Rs25,000 to Rs200,000, while importers and retailers had raised solar panel prices by Rs5,000 to Rs7,000 before the budget.
Reports that sales tax on solar systems would be increased from 11 percent to 18 percent in the budget turned out to be incorrect. Importers and shopkeepers reportedly earned millions of rupees in the days leading up to the budget due to the price hikes.
Earlier due to fears of heavy taxes prices of solar systems ranging from 5kW to 15kW had increased by Rs150,000 to Rs200,000.
After an increase of Rs150,000, the price of a 5kW solar system had been fixed at Rs650,000. The price of a 7kW system had reached Rs825,000 following an increase of Rs200,000.
Similarly, the price of a 10kW solar system had risen from Rs900,000 to Rs1.1 million, while the price of a 12kW system had been recorded at Rs1.25 million after an increase of Rs200,000.
The price of a 15kW solar system had also increased to Rs1.45 million, compared to around Rs1.3 million previously.
Also Read: Solar panels witness masssive price surge ahead of budget
