Government Announces Discount on Solar Panels

June 15, 2024Zayn0

The Federal government of Pakistan decided on Wednesday to include a discount on solar panels in the budget for the financial year 2024–25 to promote green energy in the country, as reported by ARY News.

Promoting Green Energy through Solar Panel Discounts

The federal government announced offering discounts on solar plants, machinery, batteries, raw materials, and other related components used in the local manufacturing of solar panels to meet the necessary demand in the market and reduce reliance on the import of solar panels, thereby saving significant foreign exchange.

It was decided to eliminate the sales tax, concessional rates, and exemptions during the fiscal year 2024–2025, according to the budgetary document that was made public here on Wednesday.

Uniform Sales Tax Rate 

On the other hand, a total of 18% sales tax is applied to the various types of mobile phones.

In the meantime, a uniform sales tax rate will be applied to a range of products, including scrap materials like paper, plastic, coal, copper, and coal.

Investment in Energy Infrastructure

  • For the New Scheme, Rs 6,250 million has been set aside for the purchase of land needed to build the 1200 MW Layyah solar power plant
  • Rs 4,500 million for the improvement of the electrical distribution system
  • Rs 6,000 million for the installation of an asset performance management system on the distribution transformers that are 100 kV and 200 kV.
  • Similar to this, Rs 34,148.335 million has been set aside for the evacuation of power from Dasu HPP stage-1
  • Rs 16,801 million for the evacuation of power from Suki Kinari, Kohala, Rs 2,200 million for the evacuation of power from Tarbela 5th Extension
  • Rs 1,007 million for the evacuation of power from wind power projects (Jhimpir)
  • Rs 2,344 million for the installation of a pilot battery energy storage system, Rs 11,341 million for the upgrading of NTDC telecommunication
  • Rs 6,600 million for 220 kV Dharki-Rahim Yar Khan
  • Rs 7,230 million for the extension and augmentation of existing 500 kV and 220 kV grid stations
  • Rs 4,615.686 million for 500 KV Islamabad West
  • Rs 2,750 million for 220 kV Arifwala Substation
  • Rs 4,430.200 million for 500/220 kV Sialkot Substation

Conclusion

The budget for 2024–2025 intends to assist Pakistan’s efforts to improve sustainable energy infrastructure, decrease reliance on imports, and increase domestic solar production.

 

Zayn

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