Will Your DIY Solar Array Require Special Insurance? Posted on 20 Mar 07:30
The cost of DIY solar panels has reached an all-time low.
Prices for photovoltaic panels, inverters and accessories have dropped dramatically over the last several years. The many lucrative local, state and federal solar tax credits, rebates and grants make the investment even more affordable.
That said, even a do-it-yourself photovoltaic system is still a significant expense. Does that mean you will need additional insurance to protect your investment?
DIY Solar Component Warranties and Performance
The purpose of insurance is to provide financial protection against possible risk. Really, though, a do-it-yourself photovoltaic system isn’t a high-risk investment.
Assuming you purchase your equipment from a reputable supplier, each of the basic components in your DIY home solar array is covered by a comprehensive warranty. Photovoltaic panels generally carry warranties of 20 to 25 years. Inverters and batteries typically remain under warranty for 5 to 10 years.
And because photovoltaic panels have no moving parts and are built to last, you don’t have to worry about your DIY solar power system breaking down. In fact, your home solar array can continue to power your home for decades with little or no maintenance.
Homeowner Insurance and Your DIY Solar Array
Damage resulting from weather events and accidents won’t be covered under most photovoltaic component warranties. Fortunately, most insurance companies consider photovoltaic systems as home improvement projects. That means that your system may be automatically covered by your homeowner insurance policy.
A typical policy will cover damage from hail, lightning strikes and falling tree branches.
To confirm that your do-it-yourself solar array is covered under your homeowner insurance policy, check with your agent before installing your system.
Your insurance rates could remain the same or increase slightly after you install your DIY home solar system. But many homeowners are pleasantly surprised to learn that their premium goes down, as some insurers consider renewable energy adoption to be a sign of responsible behavior.
Purchasing Extra Insurance Coverage for Your DIY Solar Array
Unfortunately, not every homeowner insurance policy offers coverage for solar energy systems. If yours doesn’t, you can likely add a special rider to cover your photovoltaic array. Or you could switch to a different provider — one who appreciates the value of renewable energy.
As is typical with most insurance policies, homeowners are responsible for paying an out-of-pocket deductible before the expenses are paid on a claim. If you’d like to avoid the deductible, you could opt for additional third-party insurance coverage. Third-party policies will cover the deductible in the event something goes wrong with your photovoltaic system.
Installing a photovoltaic system at your home will start you on the path toward energy independence and significant cost savings. Visit Solar GOODs, your online energy superstore, to learn more about powering your home with DIY solar energy.