The Solar Installation Performance Warranty is purchased by the contractor and will provide project owners, developers and lenders additional security for the electricity and Solar Renewable Energy Credit (SREC) revenue generated from commercial solar installations.
The cover also allows solar contractors to avoid posting balance sheet liabilities for performance guarantee obligations. Coverage is available for U.S.-based solar contractors following best practices and will be underwritten through International Insurance Company of Hannover Limited, an operating insurance company of Hannover Re.
Energis Director of Alternative Energy Solutions Angela Ferrante describes the Programs key benefits: This performance warranty coverage aligns with project owner interests to protect the solar arrays electricity, Solar Renewable Energy Credit and rebate revenue. This Program improves the bankability of commercial solar projects and mitigates risk to all parties.
Ralph Beutter, General Manager North American P&C, Multinational & Special Lines at Hannover Re, explains the motivation behind the warranty: Weve collaborated with solar project owners and have customized the program to satisfy their need for a stronger backstop on the guaranteed amount of solar energy produced. Our aim with the Solar Installation Performance Warranty is to support the growth and development of alternative energy and solidify ourselves as a leading provider of risk management solutions for the solar industry.
Energi Programs are offered directly or through a select network of independent insurance agents and brokers, and is available in all 50 states. Contact Angela Ferrante or Kevin Kaminski at (978) 531-1822 or visit www.energi.com
