Solar Panels {Insurance|and Insurance} Coverage
Solar Panels {Insurance|and Insurance} Coverage
Solar panels are {an eco-friendly|a green} {option|alternative}. {However|But}{,|} {solar panel systems|panels that are solar|the solar panels} (also {known as photovoltaic or|called photovoltaic or|known as photovoltaic systems or} PV systems) {can|will} {help you save money and|aid in saving money and|assist you in saving money as well as} {increase the value of the|boost the value of your|improve the value of your} home. Before you {cover|install|decide to cover} {your roof|the roof of your home|your roofing} with solar panels{,|} {make sure your homeowners|ensure that your homeowner’s|make sure that your homeowners} {insurance covers them|insurance will cover them|insurance covers them}.
We’ll {be covering|discuss|cover} the insurance requirements {for|that apply to|of} {your solar panels as|solar panels as|your solar panels , as} {well as the best options|well as the most efficient options|and the best choices} {for using|to make use of|to utilize} {your home’s renewable energy|the renewable energy generated by your home|your home’s renewable energy source}.
Solar panels
Solar panels {have been far|have proven to be|are} {too costly to be practical|expensive to use|too expensive to be viable} as {a source of renewable energy|an energy source|sources of energy renewable} {for common households|for the average household|to common household homes} for {many years|a long time|quite a while}. A {residential system costing|home system that costs|system for a residential home that costs} $50,000 {would have been|was|would have seemed} {unimaginable|impossible|not possible} {ten years ago|10 years ago|in the past ten years}. {This is a steep|It’s a high|This is an expensive} {price tag, particularly|cost, especially|price , especially} {for an investment that will|for a purchase that will|in the case of an investment that is likely to} {take a long|require a long|take} time to {repay|pay back}.
{As with all things|Like everything else|As with everything}{, technology is improving and| technology is evolving and| technological advancement is} making it {more affordable|easier to afford}. The {cost of a home|price of a house|cost of buying a house} {can vary depending on many|will vary based on a variety of|is dependent on numerous} {factors|aspects|variables}. {On average, homeowners could|In the average, homeowners|On average, homeowners} {pay between $15,000 and|spend between $15,000 and|be paying between $15,000 to} $25,000. {While that’s still a high|Although that’s still a steep|Even though that’s a premium} {price, more people|cost, more|price, more and more people} are {purchasing in|buying into|investing in}. In fact{, 40% of all| 40% of all| 40% of the} new US {electricity generation capacity|power generation capacity|capacity for electricity generation} was {generated by solar energy|generated through solar power|produced by solar energy} {in the first quarter 2020|in the first quarter of 2020|during the first quarter of 2020}.
Photovoltaic systems, or simply “solar panels”, are a great way to reduce reliance on nonrenewable energy sources for both the environment-conscious and the financially savvy.
{While they may|Although they can|While they could} {save you money over|help you save money in|save you money in} the {long-term|long run|long term}{, solar panels can also| however, solar panels can| however, solar panels may} {be costly upfront and are|cost a lot upfront and are|be expensive upfront and} {susceptible to damage by|vulnerable to being damaged by|susceptible to damage from} {weather or other environmental factors|weather conditions or other environmental elements|the weather or other environmental conditions}. It is {essential|crucial|vital} that {homeowners who have|those who own|homeowners with} solar panels{ systems|} {are able to protect|can safeguard|are in a position to safeguard} their investment.
How much do solar panels cost?
The {price|cost} {of solar panel installation|for solar panels|to install solar panels} {will vary|can vary|is different} {depending on which type|according to the type of solar panel|depending on the kind of solar panel} you {choose and where|select and the location in which|pick and where} you {live|reside}. {It’s important to shop around|It is important to research|It’s essential to compare prices} {before making|prior to making|before you make} {a purchase|an investment|the purchase}. {[xfield_company|The [xfield_company|The company [xfield}{]|} {estimates|believes} that solar panels{ will|| can} cost {$13,000 on average|an average of $13,000|about $13,000,} after {applying solar tax credits|the application of solar tax credits|applying tax credits to solar}.
{It’s important that you consider|It is important to consider|It’s crucial to think about} incentives when {comparing|you compare} {solar panel costs|solar panel prices|the costs of solar panels}. They can {significantly|drastically|dramatically} {reduce your spending|cut your expenses|lower your expenditure}. The federal government {recently|has recently} {extended the investment tax credit|expanded the credit for investment|increased the amount of the tax-free investment} (ITC) {for renewable energy tax credits|to tax credit for energy efficiency|in tax incentives for green energy}. You {can deduct|are able to deduct|can claim} 26% {from the cost|of the cost|of the expense} of installing solar{ energy|} systems from federal {taxes in|tax in|taxes beginning in} 2020{,|} and 22{%| percent} in 2021. {There is no limit on|There is no limit to the|There is no limit on the} credit’s value. For more {information on|details on|information about} tax{, see our post| deductions, check out our article|, read our blog} {about home insurance and tax|on home insurance and tax|on tax and home insurance} deductions.
{State and local governments offer|Local and state governments provide|Local and state governments offer} {financial incentives such as|financial incentives , such as|incentives to the financial sector, including} cashback{, exemptions from property taxes| exempts from property taxes| and exemptions from property tax}{, waivers of| and| as well as waivers of} fees, rebates{, and|, or| and} fee waivers. To {see which credits|determine which incentives|find out which credits} you {might|may|could} {be eligible for|qualify for|have the right to claim}, {check|look up|visit} {the|for the|your} Database of {State|States|the State} Incentives {for|to|in the field of} Energy and Renewables. {You can also get|It is also possible to get|You may also be eligible for} {a loan if the cost|loans if the price|an loan if the expense} is too {high or you don’t|expensive or you do not} {want|need|require} {a|to invest in a|an entire} system.
What are the {advantages|benefits} {of solar panels|from solar panel systems|that solar panels offer}?
Solar panels {offer many benefits|have many advantages|provide many benefits}. Solar panels {not only|will not only|do not just} {save you money over|help you save money in|cost you less in} the {long term|long run|long-term}{, but also| however they also help| and} reduce {your carbon footprint|the carbon footprint of your home} and {enable you to receive|allow you to earn|permit you to get} {solar credits from government agencies|solar credits from the government agencies|solar credits from government agencies}.
Another {benefit to purchasing|advantage of purchasing|benefit of buying} solar panels {is the|can be the|would be} {reduction|decrease|lessening} of{ your|} dependence on other {energy sources|sources of energy}. You {can avoid rising|will be able to avoid the rising|can reduce your} {utility bills due to|costs for utilities due to|cost of utilities because of} {fluctuating oil, natural gas|fluctuations in natural gas, oil|fluctuating natural gas, oil} and coal prices {by using|through|by utilizing} solar {energy|power}. You {can even sell extra|could even sell additional|can also sell excess} {power to your utility company|energy to the utility company|energy to your utility provider} in {some places|certain areas|certain locations}{, which will allow| that will permit| and allow} you to {make more money|earn more} than {the amount that|what|the amount} {you are|you’re} {saving|conserving}.
The {most important thing about|main benefit of|primary benefit of} solar panels is {their ability|their capacity|the ability} to {increase your home’s|boost your home’s|boost the} {resale values|value at resales|potential resales value}. {According to|As per|Based on} the U.S. Department of Energy{, a solar energy system| the solar energy system| Solar energy systems} {can increase a home’s value|can boost the value of a house|will increase the value of your home} by {\$20|20 percent|about \$20} {per \$1 of utility savings|per dollar of savings from utility bills|for every \$1 saved by utility savings}. {The cost of installation is|The expense of installing a solar system is|Installation costs are} {often offset by the increase|usually offset by the increase|typically offset by the rise} in {home value|the value of your home|value of the home}. {Solar homes tend to|Solar-powered homes are more likely to|Solar-powered homes typically} sell {faster which can|more quickly, which could|quicker, which will} {help you save|aid in saving|make it easier to save} time and {money when it comes to|money when|cash when} {making your|the time to make your|making the} next move.
It {all depends|is all dependent|depends} on {where you live|the location you reside in|the area you live in}. {How much and how long|What is the amount and how long|How long and how much} {it takes for solar panels|the solar panel takes|will it take for your solar panels} to {pay off|pay for themselves|be paid back}{, as well as| and| in addition to} {how much money you will|the amount of money you|the amount you} save. Electricity {can|prices can|costs can} be as {low as|cheap as|affordable as just} {8 cents per Kilowatt-hour|eight cents for every Kilowatt hour|$8 cents/kWh} (kWh) in {some|certain} states. In {others, it may|other states, it could|other states, it can} {cost more|be more expensive} {than|that|then} 20 cents. {For homeowners living in areas|If you live in an area|For those who live in areas} {where electricity prices are high|in which electricity costs are high|where electricity prices are very high}{, solar panels can| solar panels may| solar panels could} {be more beneficial|be more advantageous|prove more effective}. This {map will|chart will|map can} {help you determine the average|assist you in determining the average|aid you in determining the median} {cost per kWh|price per kWh|costs per unit of electricity}.
{Consider all the improvements|Take into consideration all the upgrades|Think about all the improvements} {you have|you’ve} {made|done|completed} to your {home, such as|home, like|house, including} solar panels{, when determining| when determining|, when you are determining} {the amount of insurance|what amount of coverage|how much insurance} {you|coverage you} {need|require}. {Your coverage should increase with|The amount of coverage you require should increase as|Your insurance coverage should grow with} the {value of your home|worth of your home|value of your house}. Contact {agent from|the agent at|an agent from} [xfield_company] {to learn more|for more information|to find out more} about {protecting your home’s additions|the protection of your home’s extras|how to protect your home’s improvements}. {We are here to assist|We’re here to help|We’re here to assist you}.
{Is homeowners insurance covered for|Are homeowners insurance policies covered for|Does homeowners insurance cover} solar panels?
{Most homeowners insurance companies consider|The majority of homeowners insurance companies view|The majority of insurance companies for homeowners consider} {rooftop-mounted solar panel|rooftop solar panels as|rooftop solar panels to be} permanent {attachments|fixtures|additions} {to your home|for your house|in your residence}. This means that {most homeowners|the majority of homeowners|most homeowner} policies {cover solar panels|will cover solar panels,} and {you won’t need separate|don’t require separate|you don’t need additional} insurance {for|to cover} {them|solar panels|the panels}. It is {important to research|crucial to investigate|essential to study} {your options before you install|the options prior to installing|your options prior to installing} solar panels {to make sure|in order to ensure|to ensure} there {are no|aren’t any|aren’t} gaps in your {coverage|insurance coverage|protection}.
{To find out|To determine|Find out} {if your insurance company covers|whether your insurance provider covers|the insurance coverage of your company for} {a solar panel system|solar panels|the solar panel system}{, contact| and if they do, you should contact| make contact with} them. {You can ask|It is possible to inquire with|You can inquire with} your insurance {company|provider} {about any exclusions|about any limitations|regarding any restrictions} or {perils|risks that are|risks} {not|that are not} covered. This will {help you to|allow you to|help you} {understand your current|know the current|learn about your} policy and {decide the best|determine the most appropriate|help you decide on the best} {course of action|option for you|method of proceeding}.
There are {other things|additional things|other aspects} {you should consider before|to consider prior to|you need to think about prior to} {installing solar panels|making the decision to install solar panel|setting up solar panels}. Before {you make a big|making a major|making an} investment in {a solar panel system,|solar panel systems,|the solar panel system} you {should consider other factors|must consider other aspects|need to consider more} {than|other than|that are not} insurance policies.
Homeowners Association (HOA) rules. {Certain laws in|Some laws of|The laws that apply to} Texas {limit the restrictions|restrict the limitations} homeowners associations {can place|may impose|have} {on solar panel|regarding solar panels’|upon solar} installation. Your HOA {cannot forbid you to|can’t prohibit you from|is not able to prohibit you from} install {them|solar panels}. They {are permitted to|can|are allowed to} {set up|establish|create} guidelines {for|regarding} {their|the} installation. To {ensure you are clear|make sure you’re clear|ensure that you’re aware} {about what is allowed|of what you are allowed to do|about the rules}{, speak to| you can ask| discuss the matter with} your HOA/POA {before you start|prior to beginning|prior} {to move forward|moving forward|to proceed} {with this project|on this project|in this endeavor}.
Local {regulations and rules|laws and regulations}. {Although some solar panels are|While some solar panels are|Although some solar panels can be} {installed to power their|used to power|designed to power} {homes only, others may|homes , some may|home, other panels can} {tie the system|connect the system|connect} to the{ electricity|} grid. This {allows homeowners to put|permits homeowners to feed|lets homeowners put} {excess electricity back into a|surplus electricity back into the} grid and {receive|get|earn} {credit for it|credits for the excess|an amount of credit}. There are {rules that must|regulations that must|rules to} be {followed when you make|adhered to when making|followed when making} any {improvements or modifications|modifications or improvements|changes or improvements} to {a power|the power|a} grid. {Some cities, for example|Certain cities, like|Some cities, for instance}{, require that an electrician| requires that electricians| they require an electrician to} be {licensed|certified} to {install|set up|put in} the equipment.
Do I {need|require} {separate insurance for solar panels|separate insurance for solar panels}?
{You may need|It is possible|You might need} to {add on to|include your solar panel in|increase} your insurance {or|plan or|policy or}{, in certain cases| in some cases| in certain circumstances}{, a separate policy| you may need a separate policy specifically| you will need a separate insurance policy} {for your solar panel|to cover your solar panels|that covers your solar system}. {You may need additional coverage|It is possible that you will require additional insurance|You might require additional protection} {if your solar panel system|for your solar panel if it|when your solar panel} is {installed in your yard|located in your yard|situated in your backyard} and not {on|placed on|in} your roof. {A solar panel carport is|Solar panel carports are|Carports for solar panels are} another{ example of a|| instance of a} freestanding structure that {might|may|could} require a separate{ or|} rider policy. To determine the {best|most appropriate|most effective} {course of action|method of proceeding|option}{, it is| it’s| you should have} {a good idea to speak|recommended to talk|an excellent idea to consult} with {your insurance agent|an insurance representative|your insurance broker}.
What is the {cost of|price of|cost for} {solar panel insurance|the solar panel's insurance|Solar panel coverage}?
{Rooftop-mounted PV systems are generally|Rooftop PV systems are typically|Rooftop-mounted PV systems are usually} considered permanent{ attachments so|, so| installations, which means} {the cost of insuring them|insurance for them|they are insured for their cost.} {is often|is usually|can be} {rolled into|included in|added to} {your|the} home insurance. {Your overall coverage limit|The total amount of coverage you have|Your total coverage limit} {will not|is not subject to|does not} {change|alter|be affected by the change}. {You will need to|It is important to|You must} {ensure that your coverage limit|make sure that the coverage limit|make sure that your coverage} {is sufficient to cover|is enough to cover the cost of|will cover} your {residence and|home and|home as well as} the cost of {a new|installing a new|a replacement} solar system in {the event|case|the case} of {major|significant|serious} {damage|damages|destruction}. {Solar panel installation|Installation of solar panels|The installation of solar panels} {can be expensive so|is expensive, so|is costly, and} {you might need to include|you may need to cover|it is possible that you will need to add} the cost of {replacement|replacing it}.
{According to|Based on|As per} the Solar Energy Industries Association, the {average cost of|cost for|price of} {a residential solar panel system|an residential solar panel system|a solar panel for residential use} is {now|currently} $18,000. {Some systems can go|Certain systems can cost|There are systems that can range} {up to $30,000 though|upwards of $30,000|as high as $30,000}. Even with these {dramatic|huge|massive} {cost reductions|price reductions|cost savings}{, a solar panel system| solar panels} {can still be a significant|is still a substantial|could still be an expensive} investment that {will|could|can} {impact your insurance premiums|affect your insurance rates|influence your insurance costs}. {It is possible to increase|It is possible to raise|You can increase} {your coverage limits for a|the coverage limits of your|your coverage limits to a} {low premium|lower cost|affordable cost}.
What {do I need to|should I} {insure for a leased solar|cover for a lease solar|insure for a solar lease} system?
Another option is {available for|for|offered to} {those who are|those|people who are} {interested in installing|looking to install} solar panels{ but don’t have|, but do not have| but aren’t able to afford} the {finances|money|funds}. {Leasing options are available from|There are leasing options available from|Lease options are offered by} {many companies that permit users|numerous companies that allow users|several companies that permit customers} to {purchase a solar power|buy a solar power|purchase a solar energy} system {for a low|at a lower|at a very low} or {no|zero} upfront cost. {You don’t own the system|The system is not yours to own|The system doesn’t belong to you}. This means {that in most|that in many|in most} {cases you don’t have|instances, you do not have|situations, you aren’t required} to {take care of upkeep|maintain|care for upkeep} or {insure the leased|cover the|take care of the insurance for the} solar {energy|power} system. The leasing company {that manages|who manages|that runs} the system {is responsible for|is accountable for|takes on} this {responsibility|obligation}. {While leasing can still|Although leasing may|Although leasing will} {help you save|assist you in saving|aid in saving} {money on energy,|money on energybills,|the cost of energy,} {it won’t be as effective|it’s not as efficient} as {owning a solar power|having a solar power|owning a solar energy} system.
Which states are {the best|the most suitable|best} for solar panel {installation|installations}?
{It is no|It’s no|It’s not a} surprise that {the states with|states with|the states that have} the {highest sunlight are the|most sunlight are|highest levels of sunlight are} {best for|most efficient for|ones that have the best} solar {power|energy}. [region]{, [region] and| [region], [region] and| [region], [region] as well as} [region] are {all possible|all viable|the three possible} {places to use solar energy|locations to harness solar energy|locations for solar power}. Solar panels are becoming more common in all 50 [xfield_state-abbreviation]. {Some of the top|The top|Some of the biggest} producers of solar {energy are not|energy aren’t|power are not} {expected states like|anticipated states such as|likely states, such as} [region] {and [region]|or [region]|and}.
{Important to remember that each|It is important to keep in mind that every|It is important to note that each} {state has its own|states has their own|State has different} {regulations|laws|rules} {and incentives for solar energy|as well as incentives to use solar power|in place for incentives and regulations regarding solar energy}. {This means that benefits can|The benefits you receive|So, the benefits may} {vary|differ|be different} {depending on where you live|according to where you live|dependent on where you live}.
{Considerations for solar panel insurance|The solar panel insurance considerations|Solar panel insurance: considerations for solar panel}
Solar panels are {designed|made} to be {placed in areas|installed in areas|used in locations} {that are highly|which are|where they are the most} {exposed and vulnerable|exposed|vulnerable and exposed} to {the elements|weather conditions|weather elements}. This {makes it more likely|increases the likelihood|means it is more likely} that solar panels {will be|are|will get} damaged, {especially|particularly} {if they are located|when they are situated|those that are placed} in areas {susceptible to severe|that are susceptible to extreme|that are prone to severe} weather. Solar energy systems {must|should|need to} be {protected as with|secured as with|secured just like} any {expensive investment|other investment that is costly|investment of this kind}. {You might want to consider|It is possible to think about|You may want to consider} {a lower-cost home insurance policy|an insurance policy for your home that is lower cost|the possibility of a home insurance policy with lower costs} {if you are concerned|in case you’re concerned|in case you’re worried} about {solar panel insurance’s potential|the potential for solar panel insurance’s|solar panel insurance’s possible} {extra costs|additional costs|cost}.
[xfield_company] {will help you|can help you|will assist you to} {find the best homeowners policy|locate the most suitable homeowners insurance|identify the best homeowners insurance}. It compares rates {from several|of several|offered by a variety of} {top companies and helps you|leading companies, and can help you|top firms and helps} {narrow down|to narrow|reduce} your search.
Contact [xfield_company] {to discuss|for more information about} {your|the details of your|how you can get} Solar Panels {insurance coverage|Insurance coverage|protection}
{Going solar is one the|Solar power is among the|Going solar is one of the} {best|most beneficial|most sustainable} {choices you can make for|options you can make for|option you can make to protect} the {environment|environmental environment|planet}. If your {homeowners|homeowner’s} insurance {does not|doesn’t} {cover solar panels,|include solar panels,|provide solar panels, then} you {should look into|may want to consider|might want to look into} {adding|the possibility of adding|including} {coverage|protection}.
[xfield_company] {can assist|is able to assist|can help} {you with|you in|with} {the purchase and installation of|purchasing and installing|buying and installing} {a solar energy system|solar panels|solar energy systems}. Our solar panel {experts|specialists} are {licensed and insured|insured and licensed|certified and insured} to {ensure your|ensure that your|make sure that the} panels are {installed correctly|correctly installed|properly installed} {on your home|at your residence|on your property}.