Does State Farm Cover Solar Panels

In many cases this addition should not increase the premium.

Does state farm cover solar panels. In most cases there is no need to get additional insurance to cover your solar panel system. Most home and business insurance companies will cover the solar power electric system as part of your home or business insurance. It goes without saying that solar panels are a great option for the eco minded but solar panel systems otherwise known as photovoltaic pv systems also allow you to save money on your electricity bill and can increase the value of your home. In new jersey homes with solar panels can sell for 9 9 more than homes without solar energy systems.

A solar farm sometimes referred to as a photovoltaic power station is typically a large decentralized solar array supplying electricity to the power grid. My system s allow me to have just the connection fee of 8 49 month with fpl. Residential solar energy installations are typically covered as part of a standard homeowners policy according the u s. Check with your agent to learn whether your policy provides.

Solar panels and home insurance. When we use thin film technology a 1mw plant will require an average of 4 5 to 5 acres of land. However since solar is worth thousands or even tens of thousands of dollars and can add around 10 000 to 30 000 of value to your home we might recommend raising your coverage limit to cover the cost of your home with the solar panel system. For example for a 1 mw solar power plant installation the solar farm land requirements would be around 4 acres when using a crystalline technology.

We recommend that you call your insurance company prior to having the system installed to notify them and have it added to the insurance. Unfortunately my carrier state farm notified me last month that as of october 1 for all new policies written in the us they will no longer cover the loss of or liability from systems and equipment used to generate electrical power exceeding 125 of the actual power usage by the residential premises in the 12 month period prior to the date. Homeowners insurance typically offers protection against certain risks often called perils such as theft or damage from wind or fire. That is a profit of 32 281 for the median valued home in that state.

One insurance company that offers solar panels insurance cover is state farm insurance. The majority of these massive arrays are owned by utilities and are merely another asset for the utility to supply power to properties in their coverage area. Department of energy s national renewable energy laboratory nrel. In other terms we can say that for each 1 kw of solar panels you need 100 sqft of an area on.

Therefore these are covered under the home insurance policy and you don t need any additional premium or a separate policy.