Are you considering getting solar panels? While most solar panels have similar features such as a 25-year warranty and hail rating, it’s important to look beyond these basic features and focus on the manufacturer’s stability.
Why does stability matter?
Imagine purchasing solar panels from a brand that goes bankrupt a few years later. Even if the panels have a 25-year warranty, you won’t be able to get a replacement if that company is no longer in business. To ensure you are making a wise investment, research the manufacturer’s stability.
One way to assess a manufacturer’s stability is to look at their financials and track record. Are they profitable and have they been around for a while? Do they have a good reputation in the industry? Additionally, it’s important to ensure that the manufacturer offers both a 25-year product warranty and a production warranty. Most solar panels have a 25-year production guarantee, but this is typically pro-rated, meaning that if the panel fails in year 12, you would likely only get a check for about half the value of the solar panel. The product warranty ensures that they’ll cover defects for the full 25-years.
Supply shortages & instability
During the pandemic, global supply shortages led to a surge of new solar panel manufacturers entering the market. Like many other companies, we found it near-impossible to get panels from our usual manufactures. This has led to the rise of lots of new companies trying to take advantage of this opening in the industry.
While some of these companies may offer similar solar panels, they do not have the track record or experience of some of the larger manufacturers. This makes it hard to gauge the quality of those products, because they haven’t been around long enough to tell how reliable they are. They may in time prove to be great products, but with such a large investment, you may not want to be the test-case.
Of course, stability is not the only factor to consider when purchasing solar panels (cost and efficiency of solar panels are often considered as well) but it is a critical one. By ensuring the manufacturer is stable, you can feel confident that they will be around long enough to honor any warranty claims if needed. So when choosing solar panels, remember to look beyond the basics and focus on the manufacturer’s stability for a wise and long-term investment.