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Philippines Becomes World's Top Solar Panel Buyer
Soaring electricity prices in the Philippines are driving a significant surge in rooftop solar installations. Meralco, a major power distributor, has increased prices by 10% since late February, burdening households. Consequently, many Filipinos are turning to solar power to escape these high costs. Between March 1 and May 31, the Philippines spent over $407 million on solar panels. This places the Philippines as the second-largest spender globally, excluding transshipment hubs like the Netherlands. Pakistan is also experiencing a solar boom, driven by its own energy crisis. Pakistan previously saw a 21% increase in electricity demand due to distributed solar in two years. This rapid deployment rivals the country's entire existing fossil fuel power capacity. In the Philippines, rooftop solar capacity has nearly doubled in the past year. Installers are receiving a substantial increase in customer inquiries, with buyers making decisions much faster. Despite the challenges of upfront costs and supply chain issues, distributed solar capacity in the Philippines is projected to nearly triple in two years.