HomeBusinessSolar Panels Prices Set to Decrease Following Budget 2024

Solar Panels Prices Set to Decrease Following Budget 2024

The federal government has announced discounts on solar panels and related equipment in the budget for the financial year 2024-25. This initiative aims to boost the use of green energy in Pakistan and reduce the country’s reliance on imported solar panels.

Discounts will apply to solar plants, machinery, batteries, and other components used in local solar panel manufacturing. According to the budget document released on Wednesday, sales tax exemptions and concessional rates for these items will be removed in the new fiscal year.

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However, mobile phones will be subject to an 18 percent sales tax. Furthermore, the budget introduces a standard rate of sales tax on various goods, including a withholding tax on scrap materials like copper, coal, paper, and plastic.

The budget also allocates funds for new projects: Rs 6,250 million for land acquisition for a 1200 MW solar power plant in Layyah, Rs 4,500 million for improving electricity distribution, and Rs 6,000 million for installing an asset performance management system on 100 kV and 200 kV distribution transformers.



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