In an astonishing transfer LG have determined to shut down their solar panel enterprise to concentrate on different features of the energy market. The choice was made by the corporate’s board of director final evening and referencing quite a lot of contributing elements together with intense worth competitors and the rising value of solar panels.
LG have a widely known popularity for being one of many highest high quality solar panels available on the market and in addition having one of many highest costs. The choice comes solely weeks after launching their new NeON H+ collection in early 2022 suggesting this choice was deliberate lengthy upfront.
The firm announcement states they are going to keep assist for current cusotmers ‘for a period of time’. No additional particulars have been shared on this, however prospects who’ve just lately buy a LG solar panel might be hoping that this ‘period of time’ is no less than 25 years to match their product and efficiency guarantee.
“LG will continue to stand behind its brand and the company will maintain support for customers of existing LG solar panels for a period of time after the business’s closure has been completed. Solar panel production itself will continue until the second quarter this year to maintain adequate inventory for future service support.”
The announcement does verify that the corporate will proceed to product Energy Storage Systems and probably increasing their product vary into different features of the renewable energy market.
They anticipate to finish their exit from the market by June 30.
LG Press Release