White Paper

Surge in Renewable Energy Investment: Navigating Risks with Solar and EV Charging Stations

The increased adoption of renewable energy technologies, particularly EV charging stations and solar panels, means it’s time for a risk review. Best practices for installation and upkeep start with having the right partner in place.
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White Paper Summary

The push to use renewable energy resources is growing each day as wind turbines rise, solar panels soak up the sun and electric vehicles (EVs) hit the road.

“The renewable energy sector in the United States is growing at a remarkable pace, surpassing initial projections,” said Stacie Prescott, energy underwriting officer, The Hartford. “According to information released by MIT, efficiency gains in existing technologies, such as improved solar panels and various types of batteries, are driving this growth.

“In fact, the U.S. saw a staggering $1.7 trillion of investment in renewable energy in 2023 — including renewable power, nuclear, grids, storage, low-emission fuels, efficiency improvements and end-use renewables and electrification — outpacing any other country globally,” Prescott continued, citing an IEA report. “In comparison, fossil fuel investment, primarily in coal, oil and gas, stood at only $1 trillion, for a ratio of 1.7 to 1; five years ago, this ratio was 1 to 1. This highlights the scale of growth and incentives in the renewable energy sector across various sources.” 1

This commitment to renewable energy has many businesses and individuals adding new technologies to their existing power systems. Interest in EVs and solar panels — specifically solar photovoltaic (PV) systems — is on the rise, and each individual component has its own set of risks that must be addressed.

Luckily, The Hartford has researched each of them to better understand what risk management strategies should come into play.

To learn more about The Hartford, please visit their website.

The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity.