Installing solar panels on your home — whether you buy them yourself or lease them through Palmetto's LightReach program — is an incredible way to save money on your power bill while also benefiting the planet by reducing the pollution that you produce.
However, when natural disasters strike, your solar panels are vulnerable to damage and can have their function interrupted. Palmetto offered some insight into what can happen in a wildfire or in the case of other natural disasters and how to make sure you take advantage of the financial protection offered by your lease agreement. The company noted: "That means if they're damaged or destroyed, you shouldn't be on the hook for repairing or replacing them."
First, if your solar panels are destroyed by a wildfire or another natural disaster, your options and next steps depend on whether they were leased or purchased outright. For those who found buying solar panels to be prohibitively expensive and leased their solar panels to minimize upfront costs, the news is usually good. Lease agreements vary from provider to provider, but in most cases, the leasing company will cover repairs or replacement — at no cost to you.
Palmetto customers, in particular, can rest assured that their solar panels are covered in the event of a disaster. While the company can't physically protect the solar panels from damage, it can protect you financially by covering the cost of any repair or replacement needed. They can even check on the solar panels remotely, so if you had to evacuate, you can still make a claim and check on the situation without physically being at your home.
If you own your solar panels, they are your financial responsibility. Ideally, your homeowners insurance policy will cover them, and you can file a claim for the cost of repairs or replacement. Otherwise, you will need to pay out of pocket. EnergySage has free online tools to help you find the best deal from solar providers in your area.
If you're replacing your solar panels and trying to decide whether you want to buy or lease in the future, here are some pros and cons to consider.
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