Business
Solar panel prices jump before Budget
Market sources have reported sharp spikes in solar panel costs across the board ahead of the introduction of the next fiscal year’s budget.
Each solar panel’s price has gone up by Rs7,000 to Rs9,000, according to market sources. The cost of a 585-watt panel has gone up from Rs18,000 to Rs27,000.
Similarly, the price of a 645-watt solar panel has increased from Rs22,000 to Rs31,200 while a 720-watt panel now costs Rs33,500 as opposed to Rs25,000. Traders also cautioned that inverter costs may soar in the days ahead.
The price hike comes ahead of the government budget where a proposal has reportedly been made to increase the General Sales Tax (GST) on solar panels from 10 percent to 18 percent. But even though the proposal has not been implemented yet, costs of solar panels have already soared on the market.