Solar Panels Up in Flames: What About My Warranty?
Some solar companies may not outlast the year! Businesses providing solar technology and products have not been able to prosper and s The Daily Caller. It has been reported that over the years, rates of solar companies going under have increased. Back in 2009 only about 10 solar businesses went under including some that declared bankruptcy and others that were acquired and merged. Some argue that the businesses that have been able to stick around are the ones with strong business plans.
The main problem seems to be financial. Some companies have been backed by federal government loans. When this funding was cut the businesses were not able to stay afloat. Panels coming in from China may also be partially to blame because Chinese companies were able to provide (and some say dump) cheaper options eventually driving domestic prices of solar panels down. Bloomberg reports similar findings in declining prices of panels leading to businesses going under.
KTVU discusses the warranty issue with two examples from BP solar panel owners. One had faulty panels including panel fires occur within the warranty period. Actions have been taken against BP for “unfair business practices as well as violating state and Federal warranty laws” according to KTVU. BP’s warranty covers repairs or replacements for broken systems, but only for physical parts not labor or reinstallation costs. The company has yet to go bankrupt, but their warranty is only one example of uncertainties in the solar market right now.
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