Solar panel prices hit all-time lows

In various countries of the world, including Europe, the prices solar panels have become so low that they are being used to make garden fences in the Netherlands and Germany.

According to the global media, in some photos shared on social media from European countries, it can be seen that people have started using solar panels to build garden fences instead of installing them on their roofs.

Generally, the benefit of solar panels is to install them on the roof, but in these European countries, the number of labor of installing panels is so high that people are considering using solar panels for fencing.

According to the report, the reason for the low prices of solar panels is the increasing production of solar panels by Chinese companies in the global market. China's grip on the market has grown too much due to an oversupply of solar panels that US and European manufacturers are unable to compete with.

The International Energy Agency estimates that global solar panel supply will reach 1,100 gigawatts by the end of this year, or three times the current demand. Prices on the spot market have already fallen by half in 2023 and are expected to drop another 40 percent by 2028, the agency added.

While solar panels have become low priced all over the world, there is a clear decrease in their prices in Pakistan as well. Last year also saw a reduction in the prices of solar power generating panels.

Currently, the price of seven to 15 kilowatt systems in the market has fallen to Rs200,000. Entrepreneurs dealing in buying and selling solar panels say that this is happening due to various factors and prices will drop further for some time yet.