Solar panel prices now going up

Increasing dollar price and customs duty have raised the import cost of solar panel affecting the local market, said traders.

People were gradually getting interested in solar panel to get rid of power crisis but due to price hike of solar panel they will now lose their interest.

Md Zahidul Alam, Vice-President of Bangladesh Solar and Renewable Energy Association, said at present extremely high dollar price, rise in the cost of solar panel and record fuel price hike had put the local market in trouble.

A seller of the Kaptan Bazar told the Business Post that one week back the market price of per unit solar panel was Tk35- 40 which is now Tk50 -55.

A 300-watt solar panel including battery and other equipment now cost Tk60, 000-70,000 which was Tk50, 000 one week ago.

There was no vat on solar panel earlier but the government has imposed one per cent customs duty on solar panel in the budget for the FY2022-23.

According to the Bangladesh Solar and Renewable Energy Association the price of solar cell and module prices have increased in the international market by more than 30 to 40 per cent.

Md Jahid Hossain, Manager of the Japan Solar and Electronic, said the price of the dollar increased nearly by Tk20 and newly imposed customs duty on solar panel from the current fiscal year had added to the people’s woes.

Md Alamgir Hossain, Manager of the Ifad Solar Panel, said the price of solar panel had gone up by nearly Tk15-20 per panel in a week.

As this correspondent visited Keptan Bazar on Wednesday he found traders refusing their customers to deliver solar panels they had ordered earlier.