When adding solar panels to Florida homes and businesses, Chief Financial Officer Jimmy Patronis is cautioning homeowners in the Sunshine State to watch out for hidden catches and complications.
In an announcement, Patronis acknowledged the spike in companies and private residents adding solar panels to their roofs to take advantage of generating energy from Florida’s intense sunlight. But Patronis said there are increasing challenges that are now associated with adding the panels to buildings.
“Buyer beware when looking into solar panels for your home or business. We’ve all seen the dramatic increase in residential solar panel sales throughout Florida, and I believe that there are some serious red flags that consumers need to be leery of including impacts to insurance costs, pushy sales tactics, and cheaply made products imported from China,” Patronis said in a prepared statement.
Installation of solar panels have increased more than 1,000% in the past five years, and Patronis said that has opened many consumers up to hidden costs and other snags they simply weren’t informed about.
One of the biggest catches is many property insurance companies won’t cover the solar panels as part of their coverage. Sometimes the installation of the panels compromises the integrity of the roof structure of buildings.
“In the Florida market, there are only certain insurance companies that cover homes with solar panels, limiting the options of these households right off the bat. Reports show that these homeowners could also see higher premiums over time, due to a need for specialized coverage, or for the replacement of a solar panel because they are outside and are more vulnerable to the elements,” Patronis said.
He added that the weight of the solar panels that are installed could cause structural damage to the roof and could pose complications if a homeowner decides to sell their house.
Patronis provided a list of tips for anyone considering solar panels or who may already have had them installed:
— Do insurance research: Get multiple property insurance quotes to ensure the solar panels are insurable when installed on your roof and research what the impact to your premiums will be. Will they replace them in the event of a hurricane or natural disaster? Will you be liable if the panels come loose in a storm and damage someone’s property? These are the questions you need to ask.
— Is this product right for your roof? Most panels are installed on roofs. Ensure your home can support the installation and the wear and tear over time.
— Don’t fall for sales pitches: Just with any purchase, be suspicious of door-to-door salesmen promising big discounts or free offers. The Better Business Bureau has received numerous reports of solar panel scams promising big deals and free roofs.
— What if you sell your home? If you are financing your solar panels, you may be on the hook for the full price if you sell your home. Read the fine print and understand your obligations when you sell your home or business.
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