The photo voltaic business must confront the escalating frequency and severity of hailstorms with pragmatic, low-cost options, in response to a brand new report revealed by GCube Insurance coverage.
The report “Hail No! Defending Photo voltaic from nature’s chilly assault” is predicated on information collected by GCube over the previous 5 years. It reveals that hail claims now common round $58.4 million per declare and account for 54.21% of incurred prices of whole photo voltaic loss claims being attributable to hail. That is creating a spot between the insurance coverage necessities for photo voltaic initiatives and what’s accessible available in the market, resulting in undertaking delays and cancelations.
The report identifies a number of key elements contributing to photo voltaic undertaking vulnerability, together with insufficient hail threat fashions, ineffective mitigation methods, restricted and dear insurance coverage protection, and an unsure funding panorama. It additionally highlights how photo voltaic producers, of their pursuit of decreasing the levelized price of electrical energy (LCOE), have launched bigger photo voltaic panels with thinner, extra fragile glass and have chosen areas extra prone to hail threat, threatening the monetary viability of future initiatives.
“The photo voltaic sector performs an important function within the international vitality transition. Given its comparatively low prices for manufacture and set up, it’s the best clear energy know-how for driving decarbonization,” stated Fraser McLachlan, CEO of GCube Insurance coverage. “Nonetheless, the implications of hail harm threat undermining the safety of solar energy as a outstanding clear vitality answer. We due to this fact have an overriding crucial to develop options to this problem and restore our capacity as insurers to supply the sector with long run threat underwriting.”
To assist this aim, GCube’s report places ahead two patented applied sciences developed by Photo voltaic Defender Applied sciences, which supply easy and efficient options to the issue of hail threat.
The primary is the Hail Strike Defender, a low-cost, capex-neutral catchment internet that protects single-axis tracked photo voltaic installations whereas sustaining optimum vitality output — a key differentiator that units the answer aside from present safety mechanisms available in the market. The second answer, Photo voltaic Defend, is designed to guard fixed-tilt photo voltaic panels which might be put in on rooftops and offers a panel face protector that deflects the impression of hailstones.
Each Photo voltaic Defender Applied sciences present substantial safety of modules towards hail of as much as 250 joules.
“We are able to’t transfer shortly sufficient as the power of insurers to cowl photo voltaic’s international development turns into more and more constrained,” stated McLachlan. “Due to this fact, the unity of producers, builders, operators and insurers will likely be a significant a part of softening the widening hole in insurance coverage protection. The success of the photo voltaic sector because it navigates hail dangers is hinged on quick motion and innovation to make sure a cleaner, extra sustainable future powered by photo voltaic vitality.”
Information merchandise from GCube
