Installing solar panels is an excellent way to eliminate power bills and use clean energy to power the space. Thus, it is crucial to protect your investment through a solar panel insurance policy so that you can get the most value from solar panels. Like all warranties, solar module warranty, and panel warranties protect the solar product and its equipment.
Let’s understand solar module warranty coverage through this blog post.
Types of Solar Module Warranties
#1 Product Workmanship Warranty
It protects you against manufacturing defects and equipment failures. Solar panels are incredibly durable with most manufacturers offering 10 to 12-year product warranties. Mostly, the warranty will cover replacing an entire panel for things such as corrosion, faulty wiring and imperfections in the frame or glass structure.
#2 Performance Warranty
The performance warranty is a guarantee provided by the manufacturer of a solar panel to ensure that the panel will continue to produce a certain amount of electricity over a specified period. This warranty typically covers a period of 25 years or more and guarantees that the panel will maintain a minimum level of power output over that period.
The performance warranty of a solar panel is usually expressed as a percentage of the panel’s rated power output. For example, a panel with a rated power output of 300 watts might come with a performance warranty that guarantees it will produce at least 90% of that power (i.e., 270 watts) after 25 years.
If the solar panel fails to meet the performance warranty, the manufacturer is typically responsible for repairing or replacing the panel at no cost to the owner. It’s important to note that the performance warranty is separate from the product warranty, which covers defects in the panel’s materials or workmanship.
#3 Linear and Stepped Warranty
Solar panel manufacturers generally provide a linear warranty on their top-performing modules. It progresses at a constant rate year-over-year and generally offers more coverage as compared to a step warranty.
#4 Installer Warranty
Most reputable manufacturers offer an installation warranty of between 5 to 10 years. It will typically cover the labor and equipment from a faulty installation.
Importance of Solar System Warranty
Solar system warranties are important because they provide peace of mind and protection for investment in a solar power system. It is a long-term investment that can provide clean and renewable energy for decades. However, like any other complex system, it can also experience issues and failures.
Solar system warranties protect the owner from the cost of repairs or replacements if the system fails due to manufacturing defects, installation issues, or other problems covered by the warranty. This can save the owner thousands of dollars in repair or replacement costs, as well as lost revenue from reduced power production.
Solar Module Performance Warranty (SMPW) Insurance
It protects against the performance degradation of the module under warranty due to the risks including material defects, faulty manufacturing, and material aging.
Conclusion
SecureNow is the leading insurance broker firm, providing various types of commercial insurance policies to small and medium enterprises. We cover comprehensive insurance for solar panels in India with quality and focus on the SME market. For further details, contact our expert team now!