©LG SOLAR PANELS
The solar industry was beginning to develop in the mid-late 1990’s, and SunPower quickly became the leader in the solar panel market for efficiency in the mid 2000’s. Their patented technology was mostly unmatched, and the company prospects soared. They partnered with a budding group of installers across the US, offering the best solar system on the market for residential properties. Their stock boomed to over $130 per share in 2007 as investors were seeing the growth opportunity for SunPower. The sky was the limit.
Meanwhile, LG Electronics, was dabbling in solar panel technology as well in the 1990’s. When LG opened their first manufacturing facility in 2009, they were off and running with mass production. This was one of the first global companies with a financial footprint to move into the solar sector. It would take a little time, but they would become a major player.
Fast forward to current times, 2018, and the landscape has sure changed. SunPower is still a player in the industry, but their model of only selling through certain installers and counting on the public to pay for efficient but overpriced panels is showing flaws. A quick check of the stock price, currently sitting around $7 per share, kind of tells the story nicely.
And then there is LG. One of the largest companies in the world, with a market cap (company value) of ~$10 Billion. Forbes recently released an article listing LG as the 14th Top Regarded Company in the world. https://www.forbes.com/companies/lg-electronics/
With solar panels ranging from 280W to 400W, LG is THE player in the solar industry. They have solutions for every project, from small residential to large commercial. They offer their panels through distribution, making them available for all installers and for the selective homeowner. Here’s a snapshot at their current offering:
LG MONO X 280W-300W: The LG 300W Mono X was our best selling panel of 2017, and off to a good start in 2018. These panels provide LG’s Strong Brand and Quality while sporting a sales price that competes well with SolarWorld and the Chinese manufacturers. Rumor has it that LG might stop shipping these into the US Market due to the tariff, but for now, one of the best deals on the market.
LG NEON 2 320W-335W: The LG Neon 2 panels are LG’s main offering. They offer the 320W in a Black on Black solution (Black Backsheet) and the 335W Black on White. This tier of panels can only be rivaled with Panasonic – a traditional 60 cell size with very high wattage that doesn’t break the bank. Additionally, they also offer a 320W and 330W AC Version that comes with the Enphase IQ6+ integrated. Rumor also says those might not be long for the US market after the tariff – It’s not really fair that the Enphase Micro is included in the tariff calculation, especially considering they actually do some manufacturing in California, but that’s another story for another day. They are still around now, and a great deal.
LG NEON R 350W-360W: This new line of LG’s is giving SunPower problems. Using newly developed back contact technology, LG can now offer a panel with similar frame size and wattage and a significantly lower price than the SunPower Panels. It’s a big win for the industry, as space limitations that could previously only be solved with SunPower and their price tag can now be solved with the LG Neon R, and LG’s 25 year warranty to back it up. (Remember, #14 Company in the world according to Forbes makes a long warranty easier to believe).
LG COMMERICAL GRADE 375W-400W: To round out it’s offering, LG offers commercial grade panels that are unmatched in the industry. The cost per watt rivals SolarWorld 350’s and Canadian 350’s pretty closely, and the size and efficiency are unmatched. LG stands alone in this market.
At this point, we see that LG is arguably the best financially positioned solar panel company, and we can see that their coverage is best in the industry, ranging from 280W to 400W. Let’s run through all the positives of the LG Solar Panels:
- LG’s Balance Sheet – One of the strongest companies in the world
- Offering – Widest range of solar panel wattage to fit any installation
- Cost – Least expensive of the three premium panel manufacturers
- Efficiency – Per Energy Sage, LG offers panel efficiency ranging from 17% to 20.8%, with industry average around 16%
- Warranty – 12 year workmanship, versus 10 for most panel manufacturers
- Quality – Unparalleled durability and warranty to back it up
- Temperature Coefficient – Above average temperature coefficient of -0.42 to -0.38%/° C, meaning less efficiency loss when temperatures are not optimum
All in all, LG is among the best in class for a good reason. As evidenced by our sales, the informed market definitely agrees. Please feel free to contact us with any questions or pricing inquiries on LG Solar Panels.