ISLAMABAD: Solar panel prices have hit unprecedented lows globally, triggering an increase in innovative applications such as repurposing them into garden fences in European countries like the Netherlands and Germany, international media outlets reported.
Images circulating on social media platforms showed a growing trend of utilizing solar panels as alternatives to conventional rooftop installations for garden fences. The shift is primarily driven by the soaring costs of labor associated with rooftop installations, prompting residents in these nations to explore alternative uses for solar panels.
The notable decline in solar panel prices can be attributed to the surge in production by Chinese companies, resulting in an oversupply that has flooded the global market. This surplus has made it challenging for manufacturers in the US and Europe to remain competitive, leading to a substantial drop in prices.
The International Energy Agency forecasts that global solar panel supply will surpass 1,100 gigawatts by the end of the year, nearly tripling the current demand. Prices on the spot market have already halved in 2023, with expectations of a further 40 percent decrease by 2028.
In Pakistan, a similar trend of decreasing solar panel prices has been observed, with notable reductions recorded last year for solar power-generating panels. Currently, the market offers systems ranging from seven to 15 kilowatts for as low as Rs 200,000. Solar panel businesses attribute this trend to various factors and anticipate further price reductions in the foreseeable future.
