LAHORE: Excessive panel imports have encouraged aggressive solar power system installations by consumers across the country to reduce their inflated power bills.

This was stated by Adil Mehmood, the former president of the Sheikhupura Chamber of Commerce & Industry, while sharing his views about solar industry.

According to him, solar panel dealers are busier than last year, while dealers of power generators and Uninterrupted Power Supply (UPS) have still been waiting for the buyers to turn up. A few years back, UPS used to rule the market when battery prices were also lower.

He said the corporate sector, industries, educational institutions and petrol pumps are also converting into solar systems to save overhead costs.

“In 2023, the imports of solar panels totalled 4,000 gigawatts (GW), but this figure has already been surpassed by a big margin in just few months,” he said, adding: “The consumers are benefiting from cheaper panels but are still waiting for a cut in battery and inverter prices as this would greatly help people install solar power system to overcome high electricity bills.”

He feared hike in inverter prices due to 30-40 percent increase in valuation of inverters. This may cause some problems for the solar industry as well as for those people who are planning to convert on solar system, he feared.

Welcoming the Punjab government announcement to provide solar panels to the people on this Independence Day, he said the government needs to help promote solarisation in the country by extending incentives or giving soft loans to both the people as well as industry. By converting industries on solar system, the industrial sector can grow significantly, he said, adding: “The government must facilitate in this regard and reduce valuation of inverters to achieve desired results.”

Copyright Business Recorder, 2024