Solar panel prices have increased across the country since the start of the new year, making solar energy systems more expensive for consumers. The rise is mainly driven by higher prices of imported Chinese solar panels and an increase in global raw material costs, traders say.
In local markets, prices of popular solar panels have jumped by nearly Rs5,000 per panel. A 585-watt solar panel, which was previously sold for Rs16,000 to Rs17,000, is now priced between Rs20,000 and Rs21,000. Similarly, the cost of a 645-watt panel has risen from around Rs20,000 to Rs24,000–25,000. Prices of 720-watt panels have climbed sharply and are now being sold for Rs30,000 to Rs35,000.
Market sources attribute the surge to rising global prices of key raw materials such as copper and silver, essential components in solar panel manufacturing. As a result, the cost per watt has increased from Rs22 to Rs33 over the past few months, with further hikes expected.
Additional factors, including import duties and growing demand for solar energy amid rising electricity costs, have also contributed to the increase. Solar batteries have not been spared, with prices rising by about 10 percent over the past month, significantly raising the overall cost of solar installations.
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