Solar panel insurance

Renewable energy sources have been a trend for a while now, so solar panels aren’t anything new. Solar panels are sustainable and cost-effective because they can effectively reduce energy bills. As a result, more people are turning to the sun in the sky for power generation. Solar panels can be installed on the roof and on the ground, making them fairly versatile. It’s no wonder a solar energy system is one of the top choices across the country.

The International Renewable Energy Agency suggests that the solar energy production capacity in Canada increased by over 1,000 percent from 2010 to 2015, but this number has only grown since then. With that said, installing solar panels isn’t always cheap. That’s why you should ask your insurance company about solar insurance. Luckily, BrokerLink has everything you need to know about solar power insurance — let’s dive in.

About solar panels

Solar panels get energy from the sun. In turn, they use it to create photovoltaic (PV) solar cells. Also known as PV systems, they combine silicone and conductors encased in protective glass to get the job done. For residential use, a mounting system is required to secure the solar panels to secure the panels to the building’s roof.

It’s important to remember that each province has its own specific legislation around building codes for solar panel installation. The majority of homeowners will hire contractors who specialize in solar panel installation to ensure they are installed correctly. Adding solar panels to your home’s existing structures could be considered a decent home renovation and can impact your insurance rates.

Types of solar panels

There are several types of solar panels available. Although you don’t need separate solar panel insurance for each one, you should be aware of your options. Understanding what’s available will help you make an informed decision about the solar panel system you want to install in your home. It’s important to remember that solar panels will affect the average home insurance cost regardless of the chosen type. Different types of solar panels available:

Monocrystalline solar panels

Monocrystalline solar panels are an efficient way to reduce your energy bills if you don’t have a lot of space to install them. You will recognize them because of their distinct dark colouring and round edges. The main benefit of this option is its durability and ability to perform well in low-light conditions compared to its counterparts.

Polycrystalline solar panels

If you have a lower budget, polycrystalline solar panels are an affordable option. They are recognizable because of their blue speckles, which are a result of the many silicon crystals used in the manufacturing process. Unfortunately, these panels are not as great as their counterparts performance-wise, but they are still reliable if you can’t afford to invest in high-end panels right away.

Thin-film solar panels

Lightweight and flexible, thin-film solar panels work for unconventional installations, such as on curved surfaces and when looking for portable options. One of the best parts about these solar panels is their ability to seamlessly blend into existing materials. Although not as efficient as crystalline solar panels, they work in situations where other options won’t fit.

Bifacial solar panels

Bifacial panels are unique because they can capture the energy provided by sunlight no matter which way they face. To increase energy output, you can install these panels on top of tracking systems or elevated structures. The one downside is that they’re a little pricey, but that’s the cost of energy efficiency.

Solar roof tiles

Blending into your roof, solar roof tiles are a less ugly version of traditional solar panels. There are several designs and colours to choose from, which allows you to customize your panels to match your desired aesthetic. They aren’t as efficient as regular solar panels, but if you don’t want your solar panels to stick out like a sore thumb, these might make more sense for you.

A solar panel system is a great way to make a difference, but there are a few things you should keep in mind. While installing solar panels is a sustainable way to save money on your energy bills, you should want to protect your investment. That’s where solar panel insurance can help you out. We will explore this type of insurance policy further shortly.

Solar panel system insurance

Solar panels are generally covered under your home insurance policy. However, this is assuming the solar panels are directly attached to your home. Home insurance policies usually cover rooftop solar panels, but they do increase the value of your home, so you can expect to pay higher premiums as a result.

What if the solar panels are not attached directly to your home? Ground-mounted solar panels aren’t uncommon, but like detached garages and sheds, they are considered separate structures. You might have to get additional coverage if this is the case. It’s always best to check your coverage limits because they might cover you if your solar panels get damaged by wind or hail. What does solar panel insurance cover? Read below to find out:

Perils covered by solar panel insurance

Solar panels covered by home insurance are protected from a plethora of hazards. You can make claims for various natural disasters and risks, including:

• Storms
• Lightning
• Hail
• Fire
• Theft
• Vandalism
• Public liability

The coverage you get will vary depending on your policy. Ask your insurance company to understand the specifics. Sometimes, you will be compensated for electricity bills if the solar panels need to be repaired or replaced during an insurable event. However, this often doesn’t include solar energy generation losses. It may be something to add to your policy, like farm insurance, to ensure that you understand the coverages associated with your policy before assuming that you are completely covered.

Sometimes, there are other aspects that you might want to cover. Flooding, unoccupied homes and other types of damage will not always be covered. If this is the case, you will have to ask your insurance company to add them to your policy, especially if problems result from a lack of maintenance. Insurance is something to consider when renovating your home.

When installing solar panels, you have to take precautions even if you have traditional or mobile home insurance. In most cases, your existing policy will cover solar panels. It all comes down to where the solar panels are installed and what hazards you want to protect them against. Now that you know a bit more about insurance, let’s discuss the benefits of installing solar panels.

Benefits of installing solar panels

Getting solar panels installed offers a plethora of advantages. Although you will sometimes need additional insurance coverage, you should still think about installing solar panels. Even with higher insurance premiums, you will reap many other benefits for the years to come. Here’s what you need to know:

Lower energy bills

Installing solar panels will lower your energy bills. That’s because your home will rely on the panels more than your electric grid system. It’s essentially a way to produce electricity on your own accord instead of relying on the electrical system all the time.

Sustainability

Thinking of going green? Consider the sustainable option of solar panels. They will produce fewer greenhouse gas emissions than a home that primarily relies on its electricity all the time. It’s a clean energy source that can help you reduce your carbon footprint.

Rebate options

Most provinces offer rebates for installing solar panels. This is something to consider because it will save you money when choosing to add solar panels to your home. Applying and receiving money for these incentives will save you money in the long run.

Higher home value

If you intend to sell your home, the cost of solar panels can be worth it. This will increase the overall value. Today’s homeowners will pay more because they are all for green home renovations. It will save them the costs of installing solar panels themselves and get you more money for your home.

Regardless of how much solar panels cost, you should consider installing them. Whether you have solar panels attached to the roof or ground-mounted panels, you can experience these advantages. With that said, ask your insurance company if you will require additional coverage for your panels and let them know when you install a new solar panel system.

Contact BrokerLink today!

There are many things to consider when adding solar panels to your property. Between placement and insurance policies, the process can be quite overwhelming. That’s where a reliable insurance broker can help you out. By speaking with a broker, you can pass information about your solar panels onto your insurance company to ensure you have a home insurance policy that covers such installations.

If you’re installing solar panels, you will need insurance to protect your investment. You wouldn’t want to risk invalidating your home insurance. Are you looking for a reliable insurance broker near you? Contact BrokerLink for a home insurance quote today.

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