Yesterday marked a big loss for the solar industry coming from one of our long-term solar partners, as LG Electronics announced the decision to close down solar panel production and sales during the 2nd quarter of 2022.
Following the announcement, LG Managing Director Dan Lim said:
“LG Electronics Inc. (LG) has been closely evaluating the future direction of the LG solar panel business from the perspective of the company’s overall business portfotio, remaining open to all possibilities. After a careful review of all possible options, LG has announced it is closing the solar module production and sales business.
“The decision comes as uncertainties in the global solar power market continue to increase due to a variety of contributing factors, including the intensification of price competition and the rising cost of raw materials.”
LG’s Australian General Manager of Solar & Energy Gus Paviani confirmed that, “LG Electronics Australia will continue to provide warranty and after sales support for LG solar panels for the warranty period and in accordance with applicable regulations.”
Lim added that beyond the end of panel production in June, “LG will continue to stand behind its brand and cover modules through the period of warranty. By continuing to provide after-sales service after closing down our [solar panel] business, we will strive to minimise consumer inconvenience.”
Solaray has been a proud partner with LG, featuring LG’s NeON 2, MonoX, MonoX Plus, NeON R, NeON H and this year’s latest addition the NeON H+ as a core part of our panel offering over the years.
LG Solar have continued to produce top quality panels year-on-year, with patented technology that have kept them at the forefront of the industry for a long time.
In response to the announcement, Solaray Director Jonathan Fisk commented:
“LG panels have always been synonymous with great performance and production.
“They have continued to develop and produce ‘best in class’ panels for many years, and we have been proud to be recognised as LG’s Australian Installer of the Year for the last four years.”
Solaray Director Peter Thorne added:
“Beyond excellent panel performance and longevity, a primary benefit of buying solar with LG has always been the global consumer strength of the LG brand, giving you the confidence that no matter what happens in the solar industry, LG Electronics would be there to provide reliable warranty support.
“This benefit comes to fruition in 2022 as LG withdraws from the solar panel sector to focus on other growth areas of their business.
“Whilst we are sad to see an industry leader leave the solar panel market, we respect their decision.”
Solaray would like to acknowledge the Australian LG Solar team, particularly Gus, Anthony, Sean, Danni and Markus, and thank them for their tireless work as ambassadors not only for LG, but for solar and renewables. It has been a pleasure to collaborate with you over the years.
As they move away from solar panels, we look forward to seeing what groundbreaking sustainable solutions, products, and services LG brings to the market next.