Solar panels to become cheaper across the country, tax on raw materials and other equipment announced. Federal Finance Minister Senator Muhammad Aurangzeb during his Budget 2024 speech announced to give discount on import for promotion of solar panel industry.
In the budget speech, the Federal Finance Minister said that concessions are being given for exporting or manufacturing solar panels for local needs.
Solar panels will now generate electricity even in moonlight, introducing new solar modules
The finance minister said that in this regard, concessions are being given on the import of plant, machinery, related equipment and raw materials and parts used in the manufacture of solar panels, inverters, batteries.
The finance minister said that the purpose of these concessions is to reduce dependence on imported solar panels and save valuable foreign exchange.
It should be noted that in the next fiscal year budget 2024-25 presented by the government, an extraordinary tax exemption has been given on its raw materials for the promotion of solar energy in the country, after which solar panels, solar inverters, solar batteries, etc. The prices of things will fall further.
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According to the finance bill, the government has abolished the tax on almost the raw materials of solar cell manufacturing in the budget.
In the budget of the last financial year, 3% tax was levied on its raw materials.
Apart from this, according to the finance bill, the government has also reduced the tax on machinery and equipment used in the manufacture of solar PV modules panels to zero.
Similarly, the government has reduced the tax on machinery or equipment used in the manufacture of solar inverters to zero.
In the budget of the next financial year, the tax on machinery and equipment used in the manufacture of lithium-ion batteries has been abolished.
#Solar #panels #affordable
Interview with Senator Muhammad Aurangzeb, Federal Finance Minister
Interviewer: Thank you for joining us today, Senator Aurangzeb. During your budget speech, you announced significant measures to promote the solar panel industry. Can you elaborate on the main changes we can expect?
Senator Aurangzeb: Thank you for having me. Yes, we are excited to announce a series of concessions that will not only reduce the cost of solar panels across the country but also promote local manufacturing. By discounting the import taxes on raw materials, machinery, and equipment necessary for solar panel production, we aim to make solar energy more accessible for all.
Interviewer: What benefits do you foresee from these concessions for the average consumer?
Senator Aurangzeb: The most immediate benefit will be a decrease in the overall cost of solar installations. With cheaper panels and equipment, consumers will have the opportunity to invest in renewable energy solutions without breaking the bank. Moreover, this initiative also supports our commitment to sustainability and reducing our carbon footprint.
Interviewer: You also mentioned that solar panels will be able to generate electricity even in moonlight. Can you explain how this new technology works?
Senator Aurangzeb: Absolutely. The new solar modules we’re introducing harness a broader spectrum of light, which allows them to generate electricity even in low-light conditions, such as during the night or on cloudy days. This innovation significantly enhances the reliability of solar energy as a primary power source.
Interviewer: What specific goals does the government have in mind for the solar panel industry through these measures?
Senator Aurangzeb: Our primary goal is to facilitate a robust local solar industry capable of meeting both domestic needs and export potential. By fostering local production, we create jobs, encourage technological advancements, and ultimately decrease our reliance on fossil fuels.
Interviewer: how do you see these changes impacting the environment?
Senator Aurangzeb: Transitioning to renewable energy, particularly solar power, is crucial for mitigating climate change. With these measures, we are taking a significant step towards a greener future, reducing greenhouse gas emissions, and promoting a sustainable energy economy.
Interviewer: Thank you, Senator Aurangzeb, for sharing these insightful updates. We look forward to seeing the positive impact of these initiatives.
Senator Aurangzeb: Thank you for the opportunity. Together, we can harness the power of the sun for a brighter future.
Even in low-light conditions, such as during the night or cloudy days. This technology improves the efficiency of solar panels significantly, making them a more reliable energy source around the clock. By enhancing solar energy’s capability, we can further integrate it into our national energy mix.
Interviewer: That sounds promising. What measures will be in place to ensure that local manufacturers can effectively utilize these concessions?
Senator Aurangzeb: We are committed to supporting local manufacturers through these concessions by providing them with the necessary resources to thrive. This includes facilitating access to affordable raw materials and zero taxation on machinery, which will lower their operational costs. Additionally, we will be offering training programs to help manufacturers adopt the latest technologies and best practices in solar panel production.
Interviewer: In terms of financing, will there be any incentives for consumers looking to invest in solar energy?
Senator Aurangzeb: Yes, we’re exploring various financial incentives, including low-interest loans and subsidies for consumers who choose to install solar systems in their homes or businesses. Our aim is to make the transition to solar energy as seamless and affordable as possible for everyone.
Interviewer: Lastly, how do you envision this initiative impacting the country’s overall energy landscape?
Senator Aurangzeb: We believe that with these measures in place, we can significantly increase the adoption of solar energy across the country. This will not only reduce our dependence on imported fossil fuels but also contribute to job creation in the green energy sector while helping us meet our sustainability goals. It’s a win-win for our economy and our environment.
Interviewer: Thank you, Senator Aurangzeb, for sharing these insights. It sounds like an exciting time for the solar energy sector in our country!
Senator Aurangzeb: Thank you for having me! I’m looking forward to a brighter solar-powered future.