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Mr Milk said..
My inverter is mounted on the eastern side of the house, so it gets about 4 hours of sun on it in summer. It failed intermittently after 4 1/2 years, working or not working at random, and got replaced under warranty. Should I be putting a roof over it to reduce the exposure?
The service life of power electronics is directly impacted by operating temperature. Maybe if your inverter was shaded it would have failed 6 months after the warranty period ended instead of 6 months before.

If it's now out of warranty it would be worth shading it....as long as you don't reduce convective cooling airflow. The regularity with which you hear about these things fail is amazing....maybe they are designed with Europe in mind, not Australia.