ECONOMYNEXT – Sri Lanka’s exchange rate as well as a fall in manufacturing costs have reduced the cost of solar power systems, an industry official said.
“Cost have actually come down from last year by around 20 per cent,” Accounts Manager of E B Creasy, Eksath De Silva said.
He was speaking at an event to announce the Construction Power and Energy Conference which will held from July 05 to 07 at the Bandaranaike Memorial International Conference Hall in Colombo, which the company is supporting.
Organizers are expecting over 170 exhibitors for the event and 14,000 visitors.
Demand for solar power is coming back as the Return on Investment is now higher.
“Returns are significantly good,” De Silva said. “There is a significant increase in demand and there is a significant increase in returns.”
Solar panel prices surged worldwide as the US Fed printed money, with shipping costs also rising.
The US Fed then hiked rates and also started to withdraw excess money, driving down global food, and oil prices. (Colombo/May07/2024)