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3. From Boom to Bust: Lebanon’s Solar Market Collapses

In just a few months, the sun has set on Lebanon’s booming solar panel market. According to customs data, imports dropped by 72% in the first half of 2025 compared to the same period last year. The total value fell to $21 million, down from $75 million in 2024, with volumes shrinking from 34,000 tons to 11,000 tons.


 

The contrast is even more dramatic when looking back to 2023. In just two years, imports collapsed from $123 million to $21 million, marking an 83% decline.

After a spectacular surge in 2022, when $865 million worth of solar equipment was imported, including $417 million in solar panels alone, the market has come to a halt. In 2024, import values had already dropped to $190 million, and by early 2025 they had plummeted to just $58 million. That is 15 times lower than the peak of the solar rush.

Inevitable Saturation

Industry professionals say the drop is primarily the result of a saturated market. Since the buying frenzy of 2022, distributors have struggled to clear out their inventory.

"We're still selling stock we bought two years ago," one distributor said.

The slowdown has also triggered a steep decline in prices. The cost of solar wattage fell from 45 cents per watt in 2022 to 30 cents in 2023, and now sits at just 14 cents in 2024–2025. The price collapse is a direct reflection of the market's exhaustion.