Due to a dramatic drop in solar panel prices, residential, commercial, and industrial consumers had been installing panels at an increasing rate. However, after a prolonged period of price decreases, market experts now suggest that the reduced volume of imports could either stabilize prices or lead to an increase in the coming months.
According to a report, the sharp drop in solar module prices over the past few months led to a surge in imports, as consumers gravitated toward renewable energy solutions. However, by September 2024, Pakistan’s solar panel imports fell to 1,010 MW, a steep 63% decrease from the 2,762 MW recorded in April. The decline has been ongoing, with August imports at 1,121 MW, reflecting a continued downward trend.
The primary reason for the sharp decline in imports is shipping delays and other logistical challenges. Currently, the available stock of solar panels mostly consists of inventory from previous months.
While no immediate price hikes are expected, supply chain issues signal the possibility of price increases as inventory levels shrink. Earlier this year, the dramatic decrease in solar panel prices led to an increase in imports, with consumers seeing solar energy as a buffer against rising electricity prices.
However, with the decline in imports, market insiders have warned that the current supply may only last for the next few months. If demand increases or there are further delays in shipments, consumers could face longer wait times for new deliveries.
Industry experts say that prices have now stabilized after reaching their lowest levels. Further price reductions are unlikely. Consumers waiting for additional price drops may find future purchases more expensive or delayed due to inventory depletion.
Experts are advising potential buyers to act now, as current prices and available inventory present the best opportunity for investment. The solar panel market is expected to remain stable for now, but any increase in demand with reduced supply could disrupt delivery schedules.
