But as with all energy systems, it’s important brokers and businesses understand the insurance considerations that come alongside battery power systems including how to manage the specific risks they can bring, explains QBE’s Chris Deugarde, Risk Engineer and Bob Algie, National Product Specialist, Property.
Deborah Duss, Global Head of Renewable Energy, Howden, said: “Howden is proud to have partnered with Aviva to deliver an effective insurance product that gives Sunsave insurance customers peace of mind in the event the solar and battery systems are damaged.
Solar panel insurance doesn’t usually come with a free replacement battery and inverter once they decline below a certain level, either – but the Sunsave Guarantee does. Your system will also be insured by Aviva against damage, fire and theft. We’ll manage any warranty claims you want to make, too. Will your home insurance cover your solar panels?
The annual cost of solar panel home insurance ranges from £118 to £152, which seems reasonable compared to the potential risks. Once you decide to install solar panels, inform your home insurer. Solar panels contribute to rebuilding your home's value, so it's important to list them in the insurance coverage.
This can be a significant challenge if a business wants to rely on renewable power. Using lithium battery power to complement renewable energy offers a solution, and these power storage systems are a popular choice for many property owners as the world transitions to a clean energy future.
Damage from natural disasters: Renewable energy insurance commonly covers damage caused by natural disasters, including fire, hail, lightning, and storms. These events can pose a significant threat to the functionality of solar panels, and insurance helps mitigate the financial impact of such damages.