ISLAMABAD
\nElectricity price hike in Pakistan brings new chance for photovoltaic companies, says a report carried by Gwadar Pro on Wednesday.
\n\u201cOur business has grown rapidly in the past two years due to about 90% of the people here have started using solar energy facing the high electricity costs.
\nOn account of the large backlog of orders, our workers are working day and night to install and repair solar photovoltaic panels. By now, we still have seven orders to complete,\u201d said Muhammad, a solar photovoltaic panel installation contractor in Islamabad, who has been very busy recently.
\nThe reporter learned that a principal cause that an increasing number of Pakistanis choose solar photovoltaic power generation is that the country\u2019s electricity bills continue to rise, and no sign of any decline.while a year ago, the figure was USD 100.
\nIn July, when the country received a new USD 7 billion loan from the IMF, the average price per unit of electricity for residential users rose 18%.
\n\u201cMany residents are finding that electricity bills – typically a small portion of household expenses – are more than their monthly rent of USD 100 to USD 700,\u201d said Samiullah Tariq, head of research at Pakistan Kuwait Investment Co.
\nIn addition, during peak hours of electricity consumption, the country often suffers power outages, which also causes trouble to residents\u2019 lives. In contrast, the installation of household solar photovoltaic panels costs about USD 3,500, and the power generation is relatively stable. \u201cMy family has installed photovoltaic panels. In the past, there were always power outages when the electricity supply was insufficient.
\nEven if without power outages, the current electricity bills are unaffordable for our living standard. Installing photovoltaic panels could obviously save electricity costs for a lifetime with a one-time investment. It is a cost-effective deal in any way,\u201d Raja, from Rawalpindi, told the reporter.
\nAnother solar panel supplier Syed Khan indicated that the sales of photovoltaic panels, which are mainly imported from China, are growing exponentially. \u201cThe sales of solar panels have increased by more than 50% this summer. The average price of each solar panel here is about USD 90 with vary in size and capacity.\u201d
\nStill, solar energy still has plenty of room to grow in this South Asian country that has suffered from power dilemmas for years, as photovoltaic accounts for a negligible proportion of Pakistan\u2019s power structure. As of June 2023, Pakistan\u2019s installed solar power capacity was 630 MW, accounting for only 1.4% of the total installed capacity.
\nAccording to NEPRA, Pakistan\u2019s installed photovoltaic capacity is expected to reach 12.8GW by 2030 and 26.9GW by 2047. At present, Chinese companies such as Zonergy, LONGi, SOFAR and Ningbo Deye have already laid out the photovoltaic storage market in Pakistan for many years and occupy an important position.
\nAlso, the Sindh government lately announced to provide solar systems to 200,000 households across the province, including 50,000 homes in Karachi.
\n\u201cA total of 6,656 solar systems will be distributed in each district of the province,\u201d the Director of Sindh Solar Energy has confirmed.
\nAli Majid, Pakistan General Manager of leading solar solutions provider LONGi, told Gwadar Pro, believing that it is undoubtedly good news for Pakistan\u2019s photovoltaic industry, specifically, for Chinese PV companies that have been deeply involved in the local market.
\n\u201cNestled in a region blessed with ample sunlight, Pakistan boasts approximately 2.9 million MW of solar power potential,\u201d Ali told in an interview with Gwadar Pro. \u201cAnd while the initial cost of solar technology has been a deterrent, the decreasing global cost is making it more economically viable for Pakistan.\u201d
\n\u201cThe global photovoltaic industry is developing in full swing. China-Pakistan cooperation in related industries can make due contributions to the global response to climate change,\u201d Majid told GP.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Electricity price hike in Pakistan brings new chance for photovoltaic companies, says a report carried by Gwadar Pro on Wednesday. \u201cOur business has grown rapidly in the past two years due to about 90% of the people here have started using solar energy facing the high electricity costs. On account of the large backlog […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-427801","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n