Texas storm clouds
Tempe, AZ, USA, Sept. 05, 2024 – Erthos, a large-scale renewable energy technology company and inventor of Earth Mount Solar, has partnered with New Energy Risk, a wholly owned division of Paragon Insurance Holdings, and CAC Specialty, a leading insurance broker, to develop a unique insurance-backed warranty product for their Earth Mount Solar technology.
Earth Mount Solar marks a milestone advancement in the evolution of large-scale solar plant design. The PV modules are placed flat on the ground, eliminating the need for driven piles and steel tracking structures. This reduces installation time and materials and simplifies operations and maintenance, allowing developers to maximize their project returns.
Following extensive due diligence, New Energy Risk confirmed the suitability of Earth Mount Solar technology and its qualification processes for performance insurance. This insurance program will backstop Erthos’ warranties and break new ground by supporting an expanded scope relative to current market solar warranties. The expanded scope will include coverage for system performance following certain flood and hail events.
“Our Insurance-Backed System Warranty will put the promise of an A-rated insurer behind the Erthos warranty,” said Daniel Flanigan, Chief Technology Officer at Erthos. “This includes PV module warranty enhancements covering our unique use case. We’ve come out with a new way to mount solar modules, so, naturally, there are different environmental factors that need to be understood by the market. New Energy Risk joined us to assess this risk and bring insurance to the table.”
“The NER team has been impressed with Erthos’ rigorous approach to product development and are excited to be supporting them in the development of an insurance program that will become an integral part of their product. We expect this to enhance the value proposition of the Earth Mount Solar system and make it an easy buying decision for their customers,” said Richard Riley, Managing Director of Business Development for New Energy Risk. “We appreciate that Erthos has put their trust and confidence in NER to help grow their business and enhance customer adoption of their solution.”
“Up until now, we have not seen a warranty address natural catastrophe risks in this way. It is an exciting time and a redefining moment in solar deployment,” said Sara Kane, Vice President, Natural Resources at CAC Specialty. “This warranty, backed by insurance, will help instill buyer confidence in the reliability of the Earth Mount Solar technology and pave the way for a more resilient future.”
The insurance program is planned to be placed in Q4 2024 subject to final insurer approvals.
