{"id":59160,"date":"2022-02-23T13:43:37","date_gmt":"2022-02-23T03:13:37","guid":{"rendered":"https:\/\/www.solarquotes.com.au\/blog\/?p=59160"},"modified":"2024-06-04T15:31:53","modified_gmt":"2024-06-04T06:01:53","slug":"lg-solar-exit-mb2368","status":"publish","type":"post","link":"https:\/\/www.solarquotes.com.au\/blog\/lg-solar-exit-mb2368\/","title":{"rendered":"BREAKING: LG Exiting Solar Panel Manufacturing Business"},"content":{"rendered":"

\"LG<\/p>\n

The pandemic appears to have taken another solar scalp. South Korea’s LG announced a short time ago it is ditching solar panel manufacturing globally.<\/p>\n

The decision was made by LG’s board of directors in South Korea yesterday after a comprehensive review of the impact of rising material and logistics costs along with supply constraints on its solar business.<\/p>\n

SQ spoke to a source at LG who said they only heard the news themselves a few hours ago – so the Australian team were probably as surprised as everyone else. While it was heard on the grapevine factories were going to be adjusting solar panel production levels, it turns out that level was zero.<\/p>\n

LG solar panel production will wind down over the next few months before ceasing completely. As for current customers, the company says<\/a>:<\/p>\n

“LG stands behind its brand and will honor the limited warranty with each product sold.”<\/p><\/blockquote>\n

The Australian LG Energy web site<\/a> similarly states:<\/p>\n

“We will fully honour our warranty obligations in accordance with applicable regulations”<\/p><\/blockquote>\n

Our source at LG said the company was keeping “megawatts” of solar panels in warehouses for warranty claims in the future if needed. And for the most part, they might not be.<\/p>\n

LG panels are well-regarded as being very robust, highly reliable and super-efficient, and backed by a 25-year product warranty – attributes reflected in pricing of LG solar panels.<\/p>\n

LG solar panel reviews<\/a> here on SolarQuotes from Australian customers have generally very favourable, scoring an overall average of 4.8 stars, and 4.9 stars over the last 6 months.<\/p>\n

Costs Biting Hard<\/h2>\n

The increasing cost of polysilicon during the pandemic has received a lot of coverage, and while there is a bunch of production capacity coming online in the not-too-distant future, that doesn’t help LG now. Silicon prices started to drop<\/a> towards the end of last year, but began creeping up again from the start of this year – although not to the highs of last year yet.<\/p>\n

Increasing solar panel manufacturing costs aren’t just about silicon – for example, copper and aluminium are also heading north.<\/p>\n

Beyond materials, there’s also the freight issue – both cost and availability. We mentioned in the latest SQ Australian Solar Prices report<\/a> published yesterday freight rates for 40-foot containers increased from around an average of USD $1,446 in December 2019 to a peak of $10,839 in September last year. While it dropped back to $9,800 in January, that is still nearly seven times more than pre-pandemic.<\/p>\n

The premium pricing of LG solar panels has been somewhat a barrier to sales, but here at SolarQuotes we’ve consistently seen significant interest in high-end systems. Our February auSSII report<\/a> indicated 12% of Australian solar shoppers in January were wanting a \u201ctop quality\u201d (most expensive) system – and we’ve seen that sort of figure over the years the auSSII has been published.<\/p>\n

LG Battery Business To Stay<\/h2>\n

The company said it will remain in the renewable energy game, concentrating on “growth sectors” such as\u00a0 energy storage systems and home energy management. LG solar batteries<\/a> have also been popular in Australia.<\/p>\n

“While exiting the solar panel business, LG is concentrating on products and services that can have an even greater impact,”\u00a0 said\u00a0 LG Electronics North America president and CEO Thomas Yoon.<\/p><\/blockquote>\n

Growth sectors and even greater impact? Still sounds like solar to me, but anyhow. It’s a shame.<\/p>\n","protected":false},"excerpt":{"rendered":"

The pandemic appears to have taken another solar scalp. South Korea’s LG announced a short time ago it is ditching solar panel manufacturing globally.<\/p>\n","protected":false},"author":17,"featured_media":59161,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[678],"tags":[],"class_list":["post-59160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solar-battery-news","entry"],"acf":[],"yoast_head":"\nBREAKING: LG Exiting Solar Panel Manufacturing Business<\/title>\n<meta name=\"description\" content=\"Breaking: South Korea's LG announced a short time ago it is ditching LG solar panel manufacturing globally.\" \/>\n<meta name=\"robots\" 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Nope It appears there's been a rumour circulating that LG was scouting for a financial advisor to assist it\u2026","rel":"","context":"In "General Solar & Storage News"","block_context":{"text":"General Solar & Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"LG Solar news","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/07\/lg-solar-news.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/07\/lg-solar-news.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/07\/lg-solar-news.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/07\/lg-solar-news.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/07\/lg-solar-news.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":55060,"url":"https:\/\/www.solarquotes.com.au\/blog\/lg-plastic-panel-frames-mb2202\/","url_meta":{"origin":59160,"position":1},"title":"LG Chem To Produce Plastic Solar Panel Frames","author":"Michael Bloch","date":"October 20, 2021","format":false,"excerpt":"South Korea's LG Chem has announced it has developed a plastic material that can replace the aluminium frames used in solar panels. Solar panel frames don't tend to generate a lot of excitement, but they play an important role: providing a panel strength, protection and fixing points. Frames need to\u2026","rel":"","context":"In "General Solar & Storage News"","block_context":{"text":"General Solar & Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Plastic solar panel frames - LG Chem","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/10\/plastic-solar-frames.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/10\/plastic-solar-frames.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/10\/plastic-solar-frames.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/10\/plastic-solar-frames.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/10\/plastic-solar-frames.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":19943,"url":"https:\/\/www.solarquotes.com.au\/blog\/lg-solar-panels-warranty\/","url_meta":{"origin":59160,"position":2},"title":"LG Solar Improves Warranties And Gives Mono X Panel The Boot","author":"Ronald Brakels","date":"March 21, 2018","format":false,"excerpt":"I like high quality panels.\u00a0 I really do.\u00a0 If a panel is well made, reliable, and comes with a full replacement warranty that's something I appreciate.\u00a0 Seeing panels go up on roofs that have a decent chance of lasting longer than I will makes me feel positive about the future.\u00a0\u2026","rel":"","context":"In "Solar Panels"","block_context":{"text":"Solar Panels","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-panels-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2018\/03\/lg-neon2-product-warranty.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2018\/03\/lg-neon2-product-warranty.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2018\/03\/lg-neon2-product-warranty.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2018\/03\/lg-neon2-product-warranty.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2018\/03\/lg-neon2-product-warranty.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":33757,"url":"https:\/\/www.solarquotes.com.au\/blog\/lg-neon-r-ace-mb1226\/","url_meta":{"origin":59160,"position":3},"title":"LG Unveils NeON R ACe Solar Panels","author":"Michael Bloch","date":"September 25, 2019","format":false,"excerpt":"LG is showing off its latest AC solar panel - and this one doesn't have an Enphase microinverter on the back. LG was already producing AC solar panels, the LG NeON 2 ACe, with the microinverters supplied by Enphase. Here's what the back of one of those looks like, which\u2026","rel":"","context":"In "General Solar & Storage News"","block_context":{"text":"General Solar & Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"LG NeON R ACe AC solar panel","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/09\/lg-neon-r-ace.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/09\/lg-neon-r-ace.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/09\/lg-neon-r-ace.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/09\/lg-neon-r-ace.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/09\/lg-neon-r-ace.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":21440,"url":"https:\/\/www.solarquotes.com.au\/blog\/lg-solar-panel-warranty-extension\/","url_meta":{"origin":59160,"position":4},"title":"LG Solar’s Product Warranty Now 25 Years For All Panels","author":"Ronald Brakels","date":"May 14, 2018","format":false,"excerpt":"It's only two months now since I wrote an article telling everyone in the world the product warranty for LG Solar's NeON 2 panel was being extended from 12 years to 15.\u00a0 But if you were looking forward to to getting some NeON 2 solar panels and enjoying that sweet\u2026","rel":"","context":"In "Solar Panels"","block_context":{"text":"Solar Panels","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-panels-2\/"},"img":{"alt_text":"LG solar panel warranty","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2018\/05\/lg-solar-panel-warranty.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2018\/05\/lg-solar-panel-warranty.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2018\/05\/lg-solar-panel-warranty.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2018\/05\/lg-solar-panel-warranty.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":51043,"url":"https:\/\/www.solarquotes.com.au\/blog\/lg-neon-h-australia-mb2030\/","url_meta":{"origin":59160,"position":5},"title":"LG NeON H Rooftop Solar Panels Heading For Australia","author":"Michael Bloch","date":"June 9, 2021","format":false,"excerpt":"Australians will soon be able to get their hands on LG's NeON H solar panels, which the company has previously said is the most efficient panel it has ever created. But is it? Originally unveiled in April, OneStepOffTheGrid reported yesterday the panels will be available in Australia either this month\u2026","rel":"","context":"In "General Solar & Storage News"","block_context":{"text":"General Solar & Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"LG NeON H solar panels","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/06\/lg-neon-h.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/06\/lg-neon-h.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/06\/lg-neon-h.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/06\/lg-neon-h.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/06\/lg-neon-h.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/posts\/59160","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/comments?post=59160"}],"version-history":[{"count":9,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/posts\/59160\/revisions"}],"predecessor-version":[{"id":84215,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/posts\/59160\/revisions\/84215"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/media\/59161"}],"wp:attachment":[{"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/media?parent=59160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/categories?post=59160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/tags?post=59160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}