Solar panel prices in Pakistan have reached a new all-time low, with rates dropping to Rs. 28 per watt in Karachi's market. This significant decrease follows a steady decline from Rs. 30 to Rs. 32 per watt just last month.

Earlier this year, prices were as high as Rs. 39 to Rs. 40 per watt in April, and two years ago, they stood at Rs. 80 per watt, highlighting a remarkable reduction in costs.

The drop in prices is largely driven by an increased supply of solar panels and growing demand for solar energy solutions in the country. Federal Minister for Energy Owais Laghari noted that Pakistan imported 8,000 MW worth of solar panels within the last year alone.

In a further move to support the solar industry, plans are underway to establish local solar inverter manufacturing plants. These plants aim to reduce reliance on imports, save foreign exchange, and promote the use of solar energy across Pakistan.