The big breaking news coming in the solar industry is from South Korea by LG Electronics. The news of the day is the announcement made by the board of directors of LG Electronics of the closure of business from the global solar panel industry.
As per the shared details, some of the major factors that contributed to this decision making of the company are the increasing cost of raw material of solar panels, the escalating price antagonism, and mounting qualms in the global solar panel business.
How Will This News Affect Existing Users of LG Solar Panels?
With this breaking news, customers and vendors of LG solar panels are petrified thinking about the consequences for them. Also, the announcement made by the directors of LG Electronics doesn’t include much detail about the future, closure, or any other aspects.
However, the good news for the existing LG solar panel consumers is that LG has assured that as per the valid rules, LG will honour requests related to warranty obligations and provide the required support to warranty holders.
LG Electronics will deliver the required customer support to the existing clients that are using LG panels. But, this support will be available only for a predefined period after the official closure of the business.
LG will close its business, but to honour warranty requests and to provide the necessary support to the existing clients, the company will continue production of solar panels for some months to maintain the required inventory. The production will be completely stopped after June 2022.
Future of LG Electronics in The Renewable Energy
Even if the boards of directors of LG Electronics have announced the closure of the business at a global level, they have reassured that the company will use its expertise in renewable energy to unlock value for its customers. It means the company might not back out completely from this foremost sector.
This makes it difficult to forecast the presence or absence of LG Electronics in the renewable energy sector. As per the shared information, LG Electronics will focus more on the growth segments and will capture the novel age of sustainability through rapidly evolving solutions and products such as energy management solutions, ESS (Energy Storage System), multiple other advancements, which are likely to be announced in the future.
We will keep you posted about more details as and when it is shared by one of the reliable sources or team of LG Electronics. Keep following us to stay tuned about more big breakings in the solar industry.