Rising solar panels’ prices dash hopes of cheap electricity

The rising prices of solar panels due to the instability in the value of dollar have dashed the hopes of cheap electricity from solar systems.

As the prices of solar panels have surged by a whopping 100 per cent, the cost of installing solar systems has also skyrocketed.

As per the details, the cost of a 5KW solar system has surged from Rs0.5 million to Rs1.3 million, whereas, the cost of a 7KW solar system has soared from Rs0.8 million to a record high of Rs1.7 million.

Similarly, the cost of a 10KW solar system has surged from Rs0.9 million to Rs2.3 million and that of 12KW solar system from Rs1.2 million to Rs2.4 million.

It is to be noted here that the federal government had initiated a project to increase power production through solar systems.

However, the soaring prices of solar panels have made it difficult for the power consumers to switch to solar energy.

The dream of producing affordable electricity from solar systems seems to be a far cry due to the unprecedented increase in the prices of solar panels.

Reporter: Shahid Sipra