Trends in Solar Panel Costs and Warranties
The prices of solar panel systems have been largely fluctuating owing to the ongoing Coronavirus pandemic. All industries have faced the repercussions of this economic standstill and the solar industry is no exception. Post lockdowns economic recovery has been swift and the resulting competition has given rise to the prices going up. In 2021, solar installations witnessed a 24% increase than in 2020. According to another estimate, the year 2022 will see another 28% growth.
Price hikes and shortages
A number of factors like the COVID-19 pandemic, global shipping crises, and China’s energy shortages have resulted in solar panel price hikes. Solar raw material deficiency has added onto the price hikes in a substantial way.
But these shortages won’t last too long, as we are seeing a boom in solar power installations throughout the continent. Thanks to the government incentives and solar promoting programs, people have realized what major saver solar is when it comes to electricity bills.
Solar panel warranty
Warranties are a prerequisite and you need to make sure you make a well-informed choice.
Here are two types of warranties available:
It is to warrant the capacity of the system to a specific level. It is generally a 25 years warranty.
It warrants the product against any manufacturing defect. This is offered by the manufacturers and is usually for about 12-15 years for most companies.
Performance warranty is considered nearly useless as it’s very convenient for the manufacturers to wriggle out of it. But product warranty is what you should critically consider while making your purchase. The best brands are also likely to provide a 25-year product warranty. 25-year warranty panels are likely to give a rather higher output with time than the other panels. They have better durability hence, will lose less capacity with time.
Therefore, 25-year warranty solar panels are the future. With time most of the companies will provide a warranty for 25 years and even longer.