Pakistan imported 13 GW solar panels in the first half of the current fiscal year to become the third largest purchaser of Chinese solar panels.
According to the World Economic Forum the country imported 13 GW of solar panels in the first half of the current fiscal year and has become the third largest importer of Chinese solar panels. Pakistan is very significantly increased into one of the most important markets for solar power, and is among the largest consumers of solar energy in the world in just 2-3 years. One of the most important elements boosting this growth is demand from households and businesses seeking to mitigate excessive electricity tariffs, combined with a 90% lessening in solar panel costs over recent decades.
This transition to solar power has been further enhanced by governments policies. Some of the incentives for solar energy include measures such as elimination of 17% sales tax on solar gadgets and introducing net metering. Furthermore, High energy tariffs, mainly due to the excessive rates agreed upon with Independent Power Producers (IPPs), have boosted the demand for alternative power sources. From the year 2019 to 2023, Pakistan has paid approximately six trillion rupees ($21.5 billion) in capacity payments on IPPs, which confirmed that the reliance on imported coal plants and conventional energy affected the economy significantly.
Overall the transition to solar energy has brought various advantages for Pakistan. It has also cut down the economic risks associated with importation of goods, improved energy security, and supported environmental renewability. The rising solar industry created new jobs in the production and installation of solar energy solutions, attracting foreign investment and putting Pakistan into a positive list of being proactive in the use of renewable power sources. Thus, the strategy of solar energy is not only solving the problem of energy shortage in the country but is also developing long-term perspectives of economic stability and environmental sustainability.
Also Read: Pakistan Can Save up to $8 Billion With Renewable Energy Mix in Next Decade
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Pakistan imported 13 GW solar panels in the first half of the current fiscal year to become the third largest purchaser of Chinese solar panels.