Homage recently launched their new solar power inverter system, marking the company’s foray into the solar panel product category. The product comprises an inverter, solar panels and a chargeable gel battery.
Explaining the reasons behind the launch, Parsa Rafiq, Director Marketing, Homage, says that Pakistan’s ongoing energy crisis and spiralling electricity costs are not going to end anytime soon. Therefore, it is anticipated that there will be an increased demand for sustainable power-backup systems, especially solar systems.
“We were already selling solar power inverters and batteries and considering the high demand for alternative power solutions, we decided to add solar panels to our portfolio.” Rafiq adds that given that most areas in Pakistan receive an average of six to eight hours of sunlight most of the year, solar panels are well-suited to our local weather conditions.
According to industry reports, the current market demand for solar panels has grown from 350 megawatts (MW) per year in 2013 to approximately 1500 MW this year and this trend is expected to continue in the forthcoming years. Most of the demand is currently met through imported solar systems from China, Germany and the US; local production capacity is limited to approximately 10 MW per year, leaving a demand gap of 1400 MW.
According to industry reports, the current market demand for solar panels has grown from 350 megawatts (MW) per year in 2013 to approximately 1500 MW this year.
Apart from the electricity shortfall, multiple reasons have contributed to the increase in demand of solar-powered systems in Pakistan. Key among them, thanks to the waiver of the 17% GST and five percent customs duty imposed on imported solar panel components and systems, is the reduction in the price of solar products. Other factors include a growing awareness about the benefits of alternative energy solutions and the increased availability of these products at affordable prices.