A decade ago, solar panels were sold, but now it's financial products like leases or loans. Mary Ann Jones, 83, was shocked to owe $52,564.28 for a solar panel loan she didn't fully understand.
The Troubles in Solar Industry
Solar customers nationwide report unclear financial terms and product values, leading to increasing court cases. Major solar companies face financial challenges, with bankruptcies soaring in 2023.
Financial Engineering Woes
The industry's struggles trace back to complex financial strategies that inflated consumer costs and pressured companies to aggressively pursue sales, focusing more on finance than solar.
Consumer Deception
Opaque Financial Products
Salesmen allegedly misled consumers on solar panel financing terms, prompting a surge in lawsuits. Some consumers found themselves in loans they didn't want or with undisclosed fees.
Allegations of Fraud
Unethical Sales Practices
Salespeople are accused of manipulating loan applications, inflating benefits, and concealing costs. Consumer cases, though slow to reach court, highlight systemic issues.
Risks to Solar Companies
Wall Street analysts raise concerns about the solar industry's questionable accounting practices, suggesting potential financial problems and likening some securities to a Ponzi scheme.
The Future of Residential Solar
The residential solar industry faces challenges with job losses and potential collapse. Analysts debate whether it will rebound or undergo significant restructuring to become more affordable.