Federal Government Decides to Grant Income Tax Relief for Promoting Solar Panel Industry. There is a possibility of further reduction in solar panel prices nationwide.
According to a private channel, that the government expects a further 20% reduction in solar panel prices. As per the budget documents, incentives are being provided on the import of raw materials and components used in the production of plants, machinery, solar panels, inverters, and batteries to generate income and meet local requirements.
Major relief for solar panel items in budget 2024-25
This is aimed at reducing dependency on imported solar panels and saving foreign exchange.
It should be noted that the country witnessed up to 40% reduction in solar panel prices last year, and with government incentives, there is a potential for an additional 20% reduction.
Stakeholders in the solar panel business have noted a significant decrease in prices compared to last year, and with government incentives, prices could further decrease by 20%.
