‘Going green’ is no longer a fad, and more and more people are installing solar panels on homes and property. They are using solar to heat water, to generate electricity or for other tasks are an option for the environmentally aware homeowner or tenant who wishes to save on ongoing costs or energy consumption and is comfortable with the up-front investment.
Solar panels, like any other exterior part of your home, will have ongoing operational and maintenance upkeep that would be part of the decision making process. Another item to consider, which is often missed, is insurance.
The value of your home or building will increase by the cost of the solar panels, which means that your insurance premiums will likely increase some amount. But before you dash out and start installing, there may be other insurance implications around your solar panels you should consider.
The installation of solar panel systems can pose previously non-existent new risks to the property. Here are a just a few things for you to think about:
Questions to ask BEFORE beginning the installation:
As always, it is up to you, the homeowner, to know and identify where you are at risk. For most of us, however, we don’t know what we don’t know, so it is important to seek out help from the experts.
Review your plan with your insurance advisor to see what potential implications exist before you make any significant changes to your property. Some brokers have insurance programs designed specifically for solar projects and they are managed by people who understand the solar industry.