In terms of locally-made panels, HomageвЂ™s products are priced lower than TUV-certified ones and this gives them a distinctive cost edge. Homage has strong brand equity and a loyal customer base.вЂќ Homage is confident that despite competition, their solar panel inverter systems will gain a stable market position, because according to them, unlike the imported, unbranded solar power systems, they make no compromise on quality Homage maintain they use the latest technology and procure the solar panels from top-of-the-line international manufacturers, all of whom have international quality certifications.ДЄccording to Rafiq, вЂњalthough non-branded importers present a challenge, they are mostly dumping faulty or poorly manufactured products in the market and are swiftly losing consumer trust. This can turn into a significant advantage for them as most of commercial (industrial and office) customers prefer brands that carry this international certification. The competitive landscape in solar power technology includes local manufacturers who, in a bid to get ahead of brands like Homage, have acquired the globally recognised TUV certification (a document confirming that a product meets international safety requirements and quality standards) from the EU for their solar panel systems. The market is flooded with non-branded, imported solar panels and components, and thanks to their comparatively lower prices they control 90% of the market.

Yet, despite HomageвЂ™s strategic targeting and extensive marketing budget, the company is facing fierce competition. вЂњWe have been doing a lot of geographical targeting, especially when setting up our sales and distribution networks in remote locations,вЂќ says Rafiq. Other factors include a growing awareness about the benefits of alternative energy solutions and the increased availability of these products at affordable prices.ДЄccording to Rafiq, the irregular supply of electricity in rural areas, particularly in Punjab and northern areas, is a major reason why sales of Homage solar panel products are significantly higher there compared to PakistanвЂ™s metropolitan cities. Key among them, thanks to the waiver of the 17% GST and five percent customs duty imposed on imported solar panel components and systems, is the reduction in the price of solar products. Most of the demand is currently met through imported solar systems from China, Germany and the US local production capacity is limited to approximately 10 MW per year, leaving a demand gap of 1400 MW.ДЄccording to industry reports, the current market demand for solar panels has grown from 350 megawatts (MW) per year in 2013 to approximately 1500 MW this year.ДЄpart from the electricity shortfall, multiple reasons have contributed to the increase in demand of solar-powered systems in Pakistan. вЂњWe were already selling solar power inverters and batteries and considering the high demand for alternative power solutions, we decided to add solar panels to our portfolio.вЂќ Rafiq adds that given that most areas in Pakistan receive an average of six to eight hours of sunlight most of the year, solar panels are well-suited to our local weather conditions.ДЄccording to industry reports, the current market demand for solar panels has grown from 350 megawatts (MW) per year in 2013 to approximately 1500 MW this year and this trend is expected to continue in the forthcoming years. Therefore, it is anticipated that there will be an increased demand for sustainable power-backup systems, especially solar systems. The product comprises an inverter, solar panels and a chargeable gel battery.Д®xplaining the reasons behind the launch, Parsa Rafiq, Director Marketing, Homage, says that PakistanвЂ™s ongoing energy crisis and spiralling electricity costs are not going to end anytime soon.

Homage recently launched their new solar power inverter system, marking the companyвЂ™s foray into the solar panel product category. Even minor differences in price per watt make a huge difference because one solar inverter system is powered by thousands of watts.вЂќ вЂњPeople still have doubts about the effectiveness of solar power systems and donвЂ™t want to invest a lot of money there.According to industry reports, the current market demand for solar panels has grown from 350 megawatts (MW) per year in 2013 to approximately 1500 MW this year.

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