Insurance Products for Residential Solar Power Plants

The Ministry of New & Renewable Energy (MNRE) has released an official notification with a list of companies offering insurance products for domestic solar power plants. In the official statement, MNRE states that it had taken up with the Department of Financial Services, Ministry of Finance and Insurance Regulatory and Development Authority of India (IRDAI) for availability of insurance products regarding domestic modules and shared the list basis the information provided by both of them.

The various companies mentioned in the list are IFFCO Tokio, HDFC Ergo, New India Assurance Company, ICICI Lombard GICL and Cholamandalam MS GICL. The service offering is spread across a wide range like photovoltaic sales & buyer policy, solar panel warranty insurance, solar energy insurance policy, solar energy shortfall insurance policy and solar plant protection policy.

With these services, installers of residential solar rooftop plants can cover contractual liabilities of manufacturers of solar panels, even if the manufacturer becomes insolvent. Underperformance of solar modules on account of faulty manufacturing, material defects, material ageing beyond normal wear and tear can also be covered. Coverage of shortfall in deemed energy due to lack of adequate solar irradiation is also offered.

These insurance products are a boon for all the stakeholders in the solar rooftop industry and will significantly contribute in offering a ‘peace of mind’ to all those considering to install a solar rooftop at their home to start making money from the sun. 

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