Mercom to Host a Webinar on Solar Module Performance Warranty Insurance
The webinar is scheduled for March 1, 2023
February 27, 2023
Solar modules account for nearly 40% of the total project cost. Maintaining their quality and efficiency for the entire lifetime (25-30 years) becomes critical so that the project is economically viable.
The manufacturers’ warranty on solar modules becomes crucial for any solar installations as they build confidence among project developers and investors who own the assets for a long time.
Mercom’s webinar ‘Solar PV Performance Warranty: Building Market Confidence’ will explore some of these issues on March 1 at 3 PM.
You can register for the webinar by clicking here.
The webinar will bring together industry experts who will discuss how solar warranty insurance can significantly reduce financial losses in the event of a warranty claim and how crucial they are while selling or refinancing a project. The webinar will also discuss client expectations from such warranty insurance products.
The panelists are Burzin Umrigar, SVP-Head Construction Insurance & Renewable Energy, Howden India; Punit Mehta, Director at Pixon Green Energy; Col Sudhanshu Kamboj, VP-Project Development at Radiance Renewables; and Vineet Mittal, Director and Co-founder at Navitas Solar.
Priya Sanjay, Managing Director, Mercom India, will moderate the session.
The performance warranties indicate that the solar panels will perform at 80-90% of their capacity over a given period. Product warranty, on the other hand, is based on modules and quality.
Additionally, the performance warranty indicates the modules’ intended degradation. If the solar panels degrade faster than the warranty specifies, the manufacturer is liable to repair or replace the underperforming modules.
Hence, solar module warranty insurance caters to the needs of solar developers and safeguards the insured against module quality and defects in manufacturing and materials.
Solar project tenders mandate module warranties, including product and performance warranties.
Further, the project’s return on investment (RoI) depends on the amount of electricity generated every year, and system performance degradation needs to be addressed to enhance the RoI of a project.
With the government of India setting a target of 280 GW of solar installations by 2030, solar module warranty insurance acquires greater significance for all stakeholders.