More good news for new solar customers. As residential solar competition heats up, system warranties are improving.
At Savenia, we calculate that systems with higher power warranties will see an overall increase in their system lifetime cash flows. – around 8% compared to lower level warranties. These higher power programs ensure that system owners get maximum power and minimal panel degradation during their system lifetimes. Understandably, these higher power system owners will see an overall increase in their system’s lifetime cash flow. For a solar system size of 8kW with average US electricity costs, this translates into an increase of around $3K on top of all the other financial benefits of the system. This assumes one solar system with a warranty guaranteeing power at 92% vs. new over 25 years, and another system guaranteeing 80%.
Many other elements in the warranty package are also changing with competition. Length of warranty (ranging from 10-30 years), payment of fees for removal / shipping / repair / installation of faulty items, which components are covered (panels, inverters, management software, etc).
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