While iPhones are known for being devices with excellent build quality, certain elements of the iPhone 5 skimp out sooner than others. One finicky component is the power/sleep/wake button which does get damaged real quick.
Apple is launching a Replacement Program for the iPhone, appropriately named “iPhone 5 Sleep/Wake Button Replacement Program“, which would fix your iPhone 5’s faulty power button for free, provided you are eligible.
The program has already been launched in the US and Canada and will launch in other countries on May 2.
All you got to do is to enter your device’s serial number on Apple’s support page, which would then tell you whether your phone is eligible or not. If it is eligible, you may take your phone to an official Apple store or an Apple authorized store, which would then send your phone off for some days. If you want, you may get another iPhone temporarily till your phone is repaired.
The phone, after being repaired will be sent back to you and Voila! You have a fully functional iPhone (At least an iPhone with a fully functional power button).
However, the program is for faulty iPhone 5 power buttons and for faulty iPhone 5 power buttons only. Which means if any part is damaged and is hindering the repair of your power button, you have to get it fixed for a fee, then only will Apple go forward with repairing.
Your power button will be replaced for free, even if you are beyond your warranty expiration date. However, the repair will only be free for two years from the purchase date.