Written by: Robert Costart
Updated on: 26 October 2024
Written by: Robert Costart
Updated on: 26 October 2024
LG Solar Panels: A Legacy Ceases but the Future of Solar Energy Shines On
LG Solar Panels: A Legacy Ceases but the Future of Solar Energy Shines On
The Rise of LG Solar Panels in the Renewable Market
LG entered the solar panel manufacturing arena in 2010, quickly establishing itself as a household name. With a commitment to quality, the company garnered numerous accolades, including the prestigious Intersolar Award across multiple years (Intersolar, 2016). The company’s manufacturing prowess was underscored by a cumulative capacity of 550 MW at its Alabama facility. As solar technology evolved over the last decade, LG's innovations helped shape a booming market, winning public trust along the way (Solar UK, 2023).
In 2022, LG cited "uncertainties in the global solar panel business" as the reason for their exit, driven by rising material costs and intense market competition (LG Corporation, 2022). The company aims to redirect its focus to other sustainable solutions, seeking to leverage their expertise in eco-friendly products. This strategic pivot raises questions, highlighting the challenges facing those invested in the solar sector amidst fluctuating economic realities (Renewable Energy World, 2023).
Understanding LG's Decision to Exit the Market
The Quality and Longevity of LG Solar Panels
Renowned for their efficiency, LG solar panels have an average efficiency rate of approximately 22%, and many boast a remarkable 25-year warranty safeguarding performance (Energy Saving Trust, 2023). Typically lasting between 25-30 years, these panels offer solid long-term value. In fact, less than 20 warranty claims were made in Australia over an eight-year span, indicating reliability (LG Electronics, 2023). This impressive track record has cemented LG's status among top manufacturers.
Market Availability and Price Points for LG Solar Panels
As LG exits the manufacturing scene, the availability of their solar panels in the UK is becoming more limited. Prices previously ranged from £185 to £400, depending on the model and wattage (Solar Marketplace, 2023). The merit of buying LG panels now hinges on securing quality products before stock runs out. Despite LG's exit, various high-quality alternatives remain accessible for prospective solar buyers eager to explore their options.
LG Solar Panels: A Legacy Ceases but the Future of Solar Energy Shines On
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