A warranty offer is one of the most crucial things you should consider when investing in a solar system. Manufacturer warranties are a layer of financial protection for you in the event of faulty solar equipment, performance issues, and more. Researching warranty offers can be a little confusing, and going through countless documents can be a hassle.
Fortunately, Megawatt Energies Limited is here to break it all down and share our top picks for the best solar panel warranties in the market today.
What is a Solar Panel Warranty?
A solar panel warranty is a guarantee that you receive from a company, promising coverage for their products and how well they are expected to perform. Any reputable solar panel manufacturer will offer two warranties: a product warranty and a performance warranty. Product and performance are the warranties to watch when researching solar panel brands to invest in. However, some manufacturers go above and beyond and offer additional protection for things like installation, labor, and additional parts. These warranties are often covered by manufacturers with certified installer programs.
Difference between Product and Performance Warranties
Did you know that product and performance warranties differ? Product warranties cover the panels themselves while performance warranties act as a promise that your panels will perform at a certain percentage over their lifespan.
Product warranty
A product warranty is also known as an equipment or materials warranty. It protects you from any defects your solar equipment has that could have stemmed from workmanship errors during manufacturing or poor material quality. Standard product warranties typically last 10 to 15 years. However, premium solar manufacturers offer 25 to 30-year product warranties.
In this case, the warranties cover the cost of repairing or replacing your solar panels if any issue is found to be linked to the manufacturer. Therefore, it’s advisable to have your solar panels professionally installed, because a qualified technician can catch any imperfections right away.
For instance, if you’re a homeowner getting panels installed and your installer notices a panel not functioning properly, the manufacturer will cover the costs to fix or replace it. Solar systems can be pricey, so being protected from putting forth even more money in the event of a faulty panel is always a bonus. Luckily, most, if not all, solar panel manufacturers offer a product warranty, so you can rest assured that you’re covered!
Performance Warranty
A performance warranty guarantees a percentage of electric power output over the warranty period. Most solar manufacturers offer over ten year-performance warranties. The amount of power your solar panel can output declines steadily over that period. While solar panel degradation is normal, always read over your product’s specification sheet or warranty term specifics. Average solar panel performance warranties guarantee panels’ power output won’t drop by more than 2% after the first year and no more than 0.5% each year after that for the remainder of the warranty period.
Degradation rates vary based on the manufacturer, whereby the lower the degradation rate, the better. Therefore, it’s best to stick with panels with a degradation rate in the 0.5% range or lower. This means you have panels that will produce more energy over its lifespan.
Reasons You Should Not Ignore Solar Panel Warranties
Solar panels are an expensive investment that should give you the best ROI. To achieve this, you must pay attention to every detail including the quality of products that you purchase. In this case, warranties are a sign of good quality products. After all, companies offer better warranties for products that are better quality. This section shares some of the pros of solar panel warranties.
Protecting Your Investment
Solar panels are a huge financial commitment. A warranty ensures your investment is safeguarded against any unexpected failures or defects.
Guaranteeing Performance
Peace of mind is all you need after investing in solar panel installation. Luckily, performance warranties allow you to rest assured knowing that your panels will generate a specific amount of energy throughout their lifespan. That means a guarantee on long-term efficiency.
Better still, it also reflects manufacturer confidence in their product’s durability and reliability
Reducing Financial Risks
Solar panel repairs can be costly in the event of faults. Luckily, a warranty saves you from bearing such expenses.
Final Thoughts
Understanding solar panel warranties is crucial to protecting your investment and ensuring long-term energy savings. A clear grasp of the terms and conditions can help you address issues promptly, maintain optimal system performance while avoiding unexpected costs. Treat your warranty as a partnership between you and the manufacturer. After all, it’s there to protect your peace of mind and maximize the value of your solar solution. Feel free to reach out to Megawatt Energies Limited for more details and or quality solar panels from Jinko.