Boston, MA 10/28/2013 (wallstreetpr) – ReneSola Ltd. (ADR) (NYSE:SOL) has renewed and enhanced its product warranty coverage through August 2014 with PowerGuard. This product warranty policy began last year and is aimed at providing coverage for all SOL solar panels in the order of performance and quality. This immediate coverage also includes upgraded features of the policy plus a deductible which is half of the original policy. SOL is a leading solar photovoltaic (PV) products provider.
The company says that providing third party product coverage in addition to the manufacturer warranty ensures that its customers enjoy the peace of mind in using the solar panel products. The coverage includes the company’s AC modules.
SOL entered into deal with PowerGuard in 2012 for the coverage of its modules. The insurance company performed due diligence on the modules to ensure that the products have the ability to last the 25 years length attributed to them by the manufacturer. By bringing in enhanced coverage for its solar panels, SOL hopes to play into the hearts of enterprise and individual customers looking for the high-end alternative power whose budget they can control.
The coverage deal between SOL and PowerGuard is seen as a catalyst of the solar company’s tremendous strides in the U.S. market. The company entered this market in May 2012 and has recorded a lot of successes. The PowerGuard backing of SOL panels will give the developers, integrators and installers of the systems the confidence that they are investing in a reliable and quality product that would offer them just what they want. SOL is regarded as a world-class Tier 1 module supplier. The company was founded in 2005 and it now has a market capitalization of $457.40 million.
In terms of PVUSA Test Condition Ratings, SOL’s modules technology have scored top with high kilowatt-hour output annually. The company traded southward on Friday, losing $0.37 to settle at $4.50.
