Solar Panel Prices Jump Ahead Of Federal Budget Amid GST Hike Fears
• Solar panel prices have increased by Rs7,000 to Rs9,000 in the local market.
• Traders link the surge to reports of a possible increase in GST on solar products.
• Inverter prices may also rise in the coming days, according to market sources.
Consumers planning to install solar energy systems are facing higher costs as solar panel prices have risen sharply ahead of the announcement of Pakistan’s federal budget for the new fiscal year.
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According to market sources, prices of various solar panel categories have increased significantly in recent days, with each panel becoming more expensive by around Rs7,000 to Rs9,000.
The price of a 585-watt solar panel has climbed from Rs18,000 to Rs27,000. Similarly, the cost of a 645-watt panel has increased from Rs22,000 to Rs31,200.
Market data also shows that the price of a 720-watt solar panel has risen from Rs25,000 to Rs33,500, adding further pressure on households and businesses looking to shift to renewable energy.
Traders say the price increase is being driven by expectations that the government may raise the General Sales Tax (GST) on solar products in the upcoming budget. Reports suggest that a proposal is under consideration to increase GST on solar panels from 10% to 18%.
Although no official decision has been announced yet, market participants believe the possibility of higher taxes has already affected prices across the solar sector.
Industry sources have also warned that inverter prices could witness a similar upward trend in the coming days if uncertainty surrounding the proposed tax changes continues.
The latest increase comes at a time when solar energy adoption has been growing rapidly across Pakistan, with many consumers turning to solar systems to reduce electricity costs and cope with rising power tariffs. However, higher equipment prices may make new solar installations more expensive for prospective buyers.
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