Defect warranty liability insurance for used solar panels, boosting market expansion

Defect warranty liability insurance for used solar panels, boosting market expansion

Defect warranty liability insurance scheme
(Source: Joint release by Marubeni, Sompo Japan Insurance, and Sompo Risk Management)

Marubeni, Sompo Japan Insurance, and Sompo Risk Management will establish a mechanism in which Sompo Japan will provide defect liability insurance for the used solar panels that Marubeni plans to start selling from fiscal 2023. Until now, quality assurance has been an issue in the trading of used solar panels as second-hand goods. On November 21, a basic agreement was signed.

Marubeni has been selected for the Ministry of the Environment's public offering "FY2021 Platform Demonstration Project for Resources and Environment" and has been working on the appropriate reuse (reuse as second-hand products) and recycling (decomposition and reuse as materials) of used solar panels. ), we are building an information management platform for the purpose. This is the first time in Japan that defect warranty liability insurance is provided through a platform, and it is expected to revitalize reuse product transactions.

In addition, the solar panels acquired by Sompo Japan through insurance payments will be reused and recycled appropriately in cooperation with the information management platform through SOMPO risk management. It is expected to lead to cyclical use of raw materials and reduction of landfill disposal of industrial waste.

As of the end of September 2021, the cumulative total of solar power generation facilities in Japan will be approximately 64GW. Furthermore, the Sixth Strategic Energy Plan aims to introduce a cumulative total of approximately 104 to 118 GW by 2030. On the other hand, since the lifespan of solar panels is generally assumed to be about 25 to 30 years, dealing with the mass disposal of used panels that will occur from the mid-2030s has become an issue. Starting with the signing of the agreement, the three companies will jointly tackle social issues and contribute to the formation of a recycling-oriented society.