The cost of solar panels has dramatically dropped—by an astounding 60%. The solar energy market is seeing significant cost savings for consumers as a result of this unanticipated drop in prices.
A 550-watt solar panel used to cost 70 thousand rupees, but now it only costs 27 thousand, a significant 43 thousand rupee reduction. Similar to the 450-watt model, which is currently marketed at twenty thousand rupees, the 330-watt model is priced at twenty thousand rupees, and both are seeing a rise in demand.
The import liberalization and tax reduction are the two main reasons given by traders for this abrupt price decline. While tax relief initiatives have helped to cut overall prices, the openness of imports has increased market competitiveness.
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It’s crucial to remember that this trend isn’t exclusive to any one area, as there has been a noticeable drop in solar panel costs worldwide.
Oversupplied European and American warehouses of solar panels have led to a global decline in pricing, and this trend is expected to continue. This breakthrough demonstrates how consumers can now more easily acquire solar energy options.
Due to these price reductions, more people are likely to think about switching to solar power for their energy demands as they find solar energy options to be more cheap. This change may lead to a wider use of renewable energy sources, which would be a good development for the renewable energy industry.
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