The solar photovoltaic market is growing due to rising electricity costs.

According to a study published by Gwadar Pro on Wednesday, the increase in electricity prices in Pakistan presents new opportunities for solar companies. Because of the high cost of power, about 90% of the population has switched to solar energy, which has resulted in a significant growth of our firm over the last two years.

By
Abdul Rafay
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The writer discovered that one of the main reasons Pakistanis are choosing solar photovoltaic power generation is because the nation’s electricity costs are rising steadily and show no signs of stopping.

Pakistan had 630 MW of installed solar power capacity as of June 2023, which is barely 1.4% of all installed capacity.

Pakistan’s installed photovoltaic capacity is anticipated to reach 12.8GW by 2030 and 26.9GW by 2047, according to NEPRA.

Chinese firms including JINKO, LONGi, SOFAR, TRINA and Ningbo Deye now hold a significant foothold in the photovoltaic storage business in Pakistan, having established it many years ago.

Additionally, the government of Sindh has said that 200,000 homes in the province, including 50,000 in Karachi, will receive solar power systems.