Renewable energies are becoming increasingly important in our society. On the one hand, they offer an alternative to electricity from nuclear or fossil fuels. On the other hand, private consumers can also generate electricity themselves by means of a photovoltaic system, not only benefiting from the cost savings compared to foreign electricity, but also from the feed-in tariff, if the electricity produced exceeds their own requirements.
What happens in case of damage?
However, the purchase and installation of such a solar power system also means a high private investment . For this reason, it is particularly important that the plant last as long as possible, so that not only the costs can be covered, but also the power savings and the feed-in tariff also make a lasting financial relief. However, if damage occurs to the equipment that requires repair or even a new purchase, owners will be required to pay for it without proper protection. A photovoltaic insurance can help here .
Benefits and liability risks of photovoltaic insurance
Among other things, photovoltaic insurance can cover damage caused by fire, lightning, severe weather, hail, marten bites, vandalism or earthquakes . In addition, many insurers offer theft and robbery services . Since the cost of repair or purchase of the very complex technology of a photovoltaic system can quickly amount to several thousands of euros, a photovoltaic insurance can provide financial security in case of damage. However, insurance often does not cover all damages. Power exclusions such as assembly errors are not uncommon.
Photovoltaic insurance: assembly and shutdown
If there is any damage during assembly, another insurance policy can usually apply. In the case of installation on an existing property, mostly the homeowners insurance is used. If, on the other hand, the property is still under construction, it is usually possible to take out building insurance insurance. However, damage to the installation can sometimes be attributed to a mistake made by the installer . In this case, this or his installation insurance can be held liable for any damage and must pay the costs incurred.
The feed-in tariff will not only save you energy costs, but also make a profit by feeding excess electricity into the grid. If your investment is strong enough to generate a surplus, you should also make sure that you are protected against loss of earnings.
Photovoltaic insurance: coverage of lost revenue
If a photovoltaic system fails due to damage, it does not just mean repair costs. For the duration of the repair, no electricity is generated. This means that you have to resort to electricity from a third-party producer and, moreover, do not make a profit from the feed-in tariff . However, some insurers also offer coverage for loss of earnings . Here it is important to pay attention to the exact conditions of insurance and to clarify to what extent these losses are reimbursed. Especially if it is a larger investment, the financial damage can otherwise be considerable.
Is photovoltaic insurance useful?
Since a photovoltaic system means a costly purchase, which is often financed by a loan, the owners have a legitimate interest in comprehensive coverage. In order to avoid being hit by high costs for damage caused by natural events or technical defects, a high-performance photovoltaic insurance is recommended.
With a photovoltaic insurance you have to give a lot of information about the system itself and about the building on which the system is mounted. Here it is important to provide the insurance with accurate data, otherwise there is a risk that the insurance coverage expires. If you are unsure about a claim, seek the advice of an insurance expert.
Cost of photovoltaic insurance
The cost of the insurance depends on the facility itself and the chosen tariff. For very cheap deals you pay less than 100 euros a year , but a very high-performance tariff for a larger system can of course be more expensive. It is important that you can rely on the insurance in case of damage and you do not – despite photovoltaic insurance – remain at individual costs for the repair of damage.