{"id":11781,"date":"2024-12-23T14:28:49","date_gmt":"2024-12-23T20:28:49","guid":{"rendered":"https:\/\/www.bbrown.com\/?post_type=insight&#038;p=11781"},"modified":"2025-03-05T16:01:25","modified_gmt":"2025-03-05T22:01:25","slug":"growth-of-solar-panel-use-for-homeowners-what-to-know","status":"publish","type":"insight","link":"https:\/\/www.bbrown.com\/us\/insight\/growth-of-solar-panel-use-for-homeowners-what-to-know\/","title":{"rendered":"Growth of Solar Panel Use for Homeowners | What to Know"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row row_style=&#8221;page-hero&#8221; full_width=&#8221;stretch_row_content&#8221;][vc_column]\n\t<div class=\"hero hero--wrap    \">\n\n\t\t<div class=\"hero--background-image hero--background-image-blur\">\n\t\t\t<div class=\"hero--overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"hero-background\" style=\"background: url(https:\/\/www.bbrown.com\/wp-content\/uploads\/2024\/12\/SolarPanelsForHomeowners_WebsiteHeader-1.jpg) center center no-repeat; background-size: cover;\"><\/div>\n\t\t\t\t\t<\/div>\n\n\t\t<div class=\"hero--container\">\n\t\t\t<div class=\"container\">\n\t\t\t\t<div class=\"hero--inner width-100\">\n\n\t\t\t\t\t\n  <div class='content-heading  100%  '>\n    <p class='text-white subheading'>Personal Insurance<\/p>\n    <h1 class='text-white    '>\n      Growth of Solar Panel Use for Homeowners | What to Know\n    <\/h1>\n\t\n  <\/div>\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n\t\n[\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;2\/3&#8243;]\n  <div class='content-heading  100% content-heading--ruled '>\n    \n    <h1 class='text-brand-dark-blue    h2'>\n      Growth of Solar Panel Use for Homeowners | What to Know\n    <\/h1>\n\t\n  <\/div>[vc_column_text css=&#8221;&#8221;]<\/p>\n<h3>The Growing Popularity of Solar Panels<\/h3>\n<p>Solar energy has gained traction in both residential and commercial sectors due to its environmental benefits and long-term financial savings. In the U.S., over 2.7 million homes are estimated to have solar panels installed, a number that continues to grow as technology advances and costs decline.<\/p>\n<h3>Impact on Property Value and Risk Assessment<\/h3>\n<p>Solar panels can increase a home\u2019s value, making it a more attractive asset for potential buyers. However, they can also complicate how insurers assess risk.<\/p>\n<ul>\n<li><strong>Higher property values:<\/strong> Solar panels generally increase a property\u2019s resale value. In many cases, insurers may need to adjust property valuations to reflect this added value, especially if the system is integrated into the structure (e.g., a solar roof) rather than a\u00a0 standalone addition.<\/li>\n<li><strong>Increased risk of damage:<\/strong> Solar panels are an additional asset that must be covered under property insurance. Although solar panels are designed to be durable, they are still susceptible to damage from extreme weather events like hail, high winds, or hurricanes. For insurers, this translates into a new layer of risk that needs to be assessed, especially in regions prone to storms, such as Florida or the Gulf Coast.<\/li>\n<\/ul>\n<h3>Coverage for Solar Panels<\/h3>\n<p>Solar panels are typically covered under a homeowner\u2019s insurance policy, but the coverage depends on the specifics of the policy and the insurer\u2019s underwriting rules. Here\u2019s how insurance coverage works and how it is affected by the installation of solar panels:<\/p>\n<ul>\n<li><strong>Property coverage:<\/strong> Standard homeowners\u2019 insurance may cover solar panels as part of the dwelling or structure coverage, assuming the panels are permanently installed.<\/li>\n<li><strong>Liability coverage:<\/strong> Solar panel systems can sometimes lead to liabilities if they cause damage to someone else\u2019s property or injuries. For instance, the homeowner could be liable if a panel falls due to poor installation or a storm and damages a neighbor\u2019s property. Most homeowners\u2019 policies include liability coverage, but homeowners should review their policies to ensure their solar setup is adequately protected.<\/li>\n<\/ul>\n<h3>Challenges and Risks<\/h3>\n<ul>\n<li><strong>Roof space:<\/strong> Not all homes have enough roof space to install enough panels to meet their energy needs. This can be a limitation, but ground-mounted solar arrays can sometimes provide an alternative.<\/li>\n<li><strong>Upfront costs:<\/strong> Even with incentives, the initial cost of installing solar panels can be significant, though financing options like loans, leases, or power purchase agreements (PPAs) are available to help reduce upfront costs.<\/li>\n<li><strong>Hurricane damage:<\/strong> Solar panels can be vulnerable to high winds, though modern systems are designed to be durable. Insurance and maintenance considerations should be factored into the cost.<\/li>\n<li><strong>Storm damage risk<\/strong><\/li>\n<li><strong>Climate adaptation<\/strong><\/li>\n<\/ul>\n<h3>The Future of Insurance in the Solar Era<\/h3>\n<p>As solar energy adoption continues to grow, the insurance market must adapt to the evolving risks associated with these technologies. Integrating solar panels into homes and businesses is reshaping how insurers assess risk, calculate premiums and design policies. As more people turn to renewable energy, the industry will likely see the development of more specialized and comprehensive coverage options to address the unique needs of solar energy systems.[\/vc_column_text]\t<div class='wpb_content_element text-left btn-container'>\n\t\t\t\t\t<a class='btn btn-brand-green  '\n\t\t\t\thref='https:\/\/www.bbrown.com\/wp-content\/uploads\/2024\/12\/Solar-Panels-for-Homeowners-Brown-Brown_WEB.pdf' target='_blank' data-toggle=''>\n\t\t\t\t<span class=\"btn-text-color--default\">Download PDF<\/span>\n\t\t\t<\/a>\n\t\t\t<\/div>\n[\/vc_column][vc_column width=&#8221;1\/3&#8243;][vc_single_image image=&#8221;1021&#8243; alignment=&#8221;center&#8221; css=&#8221;&#8221;][vc_separator border_width=&#8221;2&#8243; el_width=&#8221;60&#8243;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h6 style=\"text-align: center;\">Personal Insurance Team<\/h6>\n<p>[\/vc_column_text]\t<div class='wpb_content_element text-center btn-container'>\n\t\t\t\t\t<a class='btn btn-brand-dark-blue  '\n\t\t\t\thref='\/us\/contact\/contact-general\/' target='' data-toggle=''>\n\t\t\t\t<span class=\"btn-text-color--default\">Connect Now<\/span>\n\t\t\t<\/a>\n\t\t\t<\/div>\n[\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row row_style=&#8221;page-hero&#8221; full_width=&#8221;stretch_row_content&#8221;][vc_column][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;2\/3&#8243;][vc_column_text css=&#8221;&#8221;] The Growing Popularity of Solar Panels Solar energy has gained traction in both residential and commercial sectors due to its environmental benefits and long-term financial [&hellip;]<\/p>\n","protected":false},"author":66,"featured_media":11815,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"insight_category":[52],"class_list":["post-11781","insight","type-insight","status-publish","has-post-thumbnail","hentry","insight_category-personal-insurance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.0 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Growth of Solar Panel Use for Homeowners | What to Know - Brown &amp; Brown<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bbrown.com\/us\/insight\/growth-of-solar-panel-use-for-homeowners-what-to-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Growth of Solar Panel Use for Homeowners | What to Know\" \/>\n<meta property=\"og:description\" content=\"[vc_row row_style=&#8221;page-hero&#8221; 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