Solar is a fast growing and ultra competitive business. There are a number of companies that take significant risks to succeed, and some of these companies could get into trouble. The recent case (July 2016) of SunEdison’s bankruptcy is an example.
There is a good chance that the manufacturer of your solar panel could go out of business, if history were any indication – which has shown that even some large solar panel manufacturers have either gone bankrupt or gone completely out of business.
So, what should you do to protect yourself?
Take third party insurance for your solar panels. This way, you are able to sidestep problems just in case your solar panel maker goes out of business and is no longer able to deliver on the promised warranties. See here for such a third party insurance backed warranty that comes along with Trina Solar modules, where it says – “25 year non cancellable term – even if Trina Solar becomes insolvent or bankrupt”.
You Might Want to Check Out these Questions Too on Risks & Warranties
- How Much Do I Stand to Lose If I Choose a Poor Quality Solar Panel?-Here
- Have there been Real Life Failures of Solar Panels within a Few Years after Installation?-Here
- Can Solar Panels Withstand Hailstorms?-Here
- Can Solar Panels Withstand Snow and Rain?-Here
- Can Solar Panels be Damaged by Floods?-Here
- What Warranties Should I Look for While Purchasing Solar Panels?-Here
- What Happens if there are Bird Droppings on Solar Panels?-Here
- What Happens if Heavy Objects Fall on Solar Panels?-Here
- What Happens if Someone Accidentally Walks on Solar Panels?-Here
- What is PID (performance induced degradation) of a Solar Panel?-Here
- How Can I Protect Solar Panels Against Monkeys and Other Animals?-Here
- What All Can Go Wrong with Solar Panels?-Here
- What Types of Insurance are Available for Solar Panels?-Here
- What is the Shading of Solar Panels all About? What are Its Implications?-Here
- What are Light Induced Defects in Solar Cells?-Here
- What is a Solar Module Derate Factor?-Here
- If a Cell in a Solar Panel Doesn’t Work, Does It Affect Generation from Other Cells?-Here