More homes, communities, and businesses in every corner of the world are adopting solar power as an affordable source of green energy. Why? Because solar is a sensible choice. Compared with other renewables, solar enjoys greater ease of deployment and maintenance as well as a faster payback.
However, in a fiercely competitive market, solar product manufacturers regularly succumb to consolidation or insolvency. At best, their customers are left holding warranties void of value; at worst, energy production is interrupted by the discontinuation of spare parts and technical support.
These costly setbacks are foreseeable. And avoidable.
Bankability: a critical success factor
To secure the success and long-term viability of any solar project, every investor must assess the bankability of their solar supplier.
What is bankability?
“Bankability translates to peace of mind, for the entire lifetime of the installation regardless of application or size,” explains Laurent Bataille, SVP of Solar Business at Schneider Electric.
In the solar industry, bankability is a key indicator of the supplier’s trustworthiness and its long-term commitment to green energy. In essence, bankability has four components:
- Financial strength: the financial means to stay in business. Regardless of volatile economic conditions or erosion of clean energy subsidies, the supplier remains on the market, investing in solar innovation while maintaining past product offers.
- Industry leadership: a strong heritage in delivering industry-leading solar solutions. Specialization in green energy and broad in-house resources in related fields also lend more credibility to the supplier.
- Proven reliability: reliability-tested and integrated balance-of-system solutions for a complete range of solar applications. Since PV equipment is often installed in harsh environments and remote locations that are hard for maintenance crews to reach, project developers must choose products and solutions that are built to last.
- Global service capability: experts around the world to offer support at all stages of the project, from concept and design through to operation and maintenance.
The power of true bankability
What does bankability mean for customers and their solar projects? In practice, the four components of bankability come together to make solar energy a smart, sustainable investment.
At the installation and commissioning stages, reliable and fully integrated balance-of-system solutions from an experienced supplier allow efficient and cost-effective deployment.
Once the system is up and running, the field-proven solutions in tandem with monitoring and control, help to maximize energy harvest and optimize the return on investment.
In the long run, investors can count on a financially stable solar partner to honor warranties and provide technical support through a global service network.
“Schneider Electric is uniquely positioned to offer true bankability, for the long term. We continuously demonstrate our commitment to the solar industry through the launch of innovative products and solutions,” says Bataille. “Thanks to our industry-leading expertise in energy management, our global operations teams and service engineers have unrivaled skills and resources to help clients achieve a higher and more secure return on investment.”