How Much Does It Cost To Insure My Solar Panels?
Solar panels can do wonders for your home, but they can run into some issues, too. Nothing is perfect, which is why solar panel insurance exists to protect your investment. Is it really worth the cost? This guide reveals how much you could be spending on solar panel insurance and whether it’s the right choice for you. Get top-quality solar panels and reliable solar panel insurance when you choose Solar Bear Tampa!
Throwing Out Some Rough Numbers
Much like car insurance, the cost of your solar panel insurance premiums is based on several factors so that no two amounts are alike between Tampa homeowners.
Here are some factors that can influence the cost of your solar panel insurance:
- The size of your solar panel system
- The location of your property
- Your selected insurance package
- The solar panel insurance company
With so many variables in the mix, solar panel insurance can cost anywhere from a hundred to a thousand dollars per year! For the convenience of Tampa homeowners, solar panel insurance is sometimes an available add-on for home or property insurance. This makes things easy by compiling everything onto a single monthly invoice.
| Homeowners’ insurance can increase by an average of $15 per month with added solar panel insurance. |
Here’s What Can Influence Your Solar Panel Insurance Rate:
The difference between $100 and $1k is rather vast. To see where you might land on the spectrum, you need a deeper understanding of the factors that impact your premium costs. Your solar experts in Tampa can go over the details of your solar panel insurance during a consultation.
| Don’t Forget About Your Solar Incentives!
Worried about spending too much on solar? There are ways to save a hefty wad of cash just by looking into federal and local solar incentives for Orlando residents! |
Your Solar Insurance Company
As you might expect, different companies offer different rates on solar panel insurance in Tampa. This could be due to the quality of service, membership requirements, or no obvious reason at all.
The Scope of Your Insurance Coverage
You have options when you apply for solar panel insurance. Coverage can vary between basic plans and more comprehensive policies. The more that your solar panel insurance policy covers, the more it will cost.
The Size of Your Solar Panel System
The more solar panels you have, the greater the liability. The same goes if your panels are larger than average. When the cost to repair or replace your system is estimated to be higher, your premiums will go up in response.
Your Local Environment
Your home’s location can also prove to be a liability to your solar panel insurance company. Properties in Tampa’s high-risk areas that see occasional storms and earthquakes are likely to result in higher premiums.
Need Help Financing Your Solar? Solar Bear Tampa Can Help You Crunch the Numbers!
It’s worth it to insure your solar panels under the right circumstances. Call Solar Bear Tampa today at (727) 353-3886 to learn more about solar panel insurance or visit our FAQ page for more common questions answered!