If your solar company goes out of business, you may be left with a solar panel system that is no longer under warranty. This means that if something goes wrong with your system, you will have to pay for repairs or replacement yourself. You may also have trouble finding someone to service your system if it needs maintenance.
If you’ve invested in solar panels for your home, you may be wondering what would happen if your solar company went out of business. Fortunately, there are a few things that can help protect you in this situation.
First, it’s important to understand that the warranty on your solar panels is separate from the warranty provided by the solar company.
The manufacturer’s warranty should cover the cost of replacing or repairing your panels if they malfunction, regardless of whether the company is still in business.
Second, most states have laws that require utilities to credit you for any excess electricity that your solar panels produce. So even if your solar company goes out of business and stops providing credits for your excess power, you’ll still be getting compensated for the energy your system produces.
Finally, it’s always a good idea to research any solar company before investing in their products or services. Make sure they’re reputable and have a good track record. This will help reduce the risk of them going out of business and leaving you stranded with an unusable system.
Credit: formesolar.com
What Happens to Warranty If Solar Company Goes Out of Business?
If you have a solar panel system installed at your home, there may be warranties in place from both the solar company and the equipment manufacturers. These warranties typically cover defects in materials and workmanship for a certain period of time, such as 10 or 20 years. But what happens to these warranties if the solar company goes out of business?
The good news is that most solar companies offer what’s called “transferrable warranties.” This means that if the company goes out of business, the warranty coverage can be transferred to a new owner, such as the new owner of your home. The process for transferring a warranty can vary depending on the manufacturer, but it’s generally pretty simple.
You’ll just need to provide proof of purchase and ownership, as well as any other required documentation.
So, while it’s always unfortunate when a company goes out of business, you shouldn’t have to worry about losing your warranty coverage. If you do have any questions or concerns, be sure to contact the manufacturer directly.
Why Do So Many Solar Companies Go Out of Business?
It’s no secret that solar companies have been struggling in recent years. In the United States alone, over 60 solar companies have gone out of business since 2012. So what’s behind this trend?
There are a few factors that play into why so many solar companies are going under.
First and foremost, the cost of solar panels has fallen dramatically in recent years. This is good news for consumers who want to go solar, but it’s bad news for manufacturers and developers who are trying to make a profit on selling panels.
With such low prices, margins are razor thin and it’s hard to make money selling panels alone.
Secondly, government incentives for going solar have decreased in many countries around the world. These incentives were often key to making projects viable and without them, many developers are finding it difficult to turn a profit.
Lastly, the rise of large-scale utility-grade solar farms has made it harder for small and medium-sized developers to compete. These utility-scale projects can take advantage of economies of scale to bring down costs, making it difficult for smaller players to match their prices.
All of these factors together have created an environment where many solar companies are struggling to stay afloat.
How Many Solar Companies Went Out of Business?
In the last few years, the solar industry has seen a number of high-profile bankruptcies and consolidations. Here’s a look at some of the most notable companies that have gone out of business in recent years.
SunEdison: Once one of the world’s largest solar developers, SunEdison filed for bankruptcy in 2016 after amassing nearly $16 billion in debt.
The company’s fall was largely due to its aggressive expansion strategy, which involved buying up small solar developers and taking on large projects that proved to be unprofitable.
SolarWorld: One of the oldest and largest manufacturers of solar panels in the U.S., SolarWorld filed for bankruptcy in 2017 after struggling to compete with cheaper Chinese panel manufacturers. The company had been hit hard by anti-dumping tariffs imposed on Chinese panels, which made its products more expensive than those of its competitors.
Yingli Green Energy: Another Chinese solar panel manufacturer, Yingli Green Energy filed for bankruptcy in 2016 after failing to make payments on its debt. The company had been hurt by falling prices for solar panels and cutthroat competition from other Chinese manufacturers.
Suniva: A U.S.-based manufacturer of solar cells and modules, Suniva filed for bankruptcy in 2017 after suffering from falling prices for its products and intense competition from Chinese manufacturers.
The company had unsuccessfully lobbied for trade restrictions on imported solar panels, which would have helped level the playing field with its foreign rivals.
Hanergy Thin Film Power Group: A Chinese manufacturer of thin-film solar panels, Hanergy was suspended from trading on the Hong Kong Stock Exchange in 2015 after it was revealed that Chairman Li Hejun had inflated the company’s sales figures.
Is There a Class Action Lawsuit against Power Home Solar?
Yes, there is a class action lawsuit against Power Home Solar. The case is currently in the discovery phase.
What can customers do if their solar company goes out of business?
How Many Solar Companies Have Gone Out of Business
Despite the solar industry’s strong growth in recent years, a number of companies have been forced to shutter their operations. Here’s a look at some of the most notable solar companies that have gone out of business.
SolarWorld: One of the largest manufacturers of solar panels in the world, SolarWorld filed for bankruptcy in 2017 after struggling to compete with cheaper Chinese competitors.
The company had been a major player in the U.S. market, but it was ultimately unable to keep up with the cut-throat pricing from its Asian rivals.
Suniva: Another prominent solar panel manufacturer, Suniva also filed for bankruptcy in 2017 after being overwhelmed by cheap competition from China. The company had been one of the leading suppliers of panels to the U.S. market, but it was ultimately unable to survive against its cheaper rivals.
Yingli Green Energy: Once one of the largest solar panel manufacturers in the world, Yingli Green Energy filed for bankruptcy in 2016 as it struggled with massive debt and falling demand for its products. The company had been hit hard by overcapacity in the industry and was unable to recover despite attempts to restructure its business.
What Happens If Sunpower Goes Out of Business
It’s no secret that the solar industry is in a bit of trouble. With panel prices plummeting and companies going bankrupt, it’s hard to imagine that things could get any worse. But what if one of the biggest players in the industry, SunPower, went out of business?
The impact would be felt throughout the entire solar industry. SunPower is one of the largest manufacturers of solar panels in the world, and their products are used by some of the biggest names in solar. If they were to go under, it would create a massive shortage of panels, driving up prices and making it difficult for companies to source enough panels to meet demand.
The ripple effect would also extend to other parts of the solar industry. For example, many installers use SunPower panels exclusively, so if they suddenly became unavailable it would cause delays and disruptions for those companies. And because SunPower has such a large market share, their failure would likely have a negative impact on public perception of solar power as a whole.
So what happens if SunPower goes out of business? It’s not a pretty picture. The impacts would be far-reaching and could potentially set back the growth of solar power for years to come.
Can I Switch Solar Companies
If you’re thinking about switching solar companies, there are a few things you should keep in mind. First, it’s important to check whether your current contract allows for transfers or switch-outs. Some companies make it difficult to do this, so it’s important to read the fine print before making any decisions.
Secondly, you’ll need to factor in the cost of switching companies – both in terms of money and time. It can be expensive and time-consuming to set up a new system, so make sure you’re prepared for that before making the switch. Finally, consider whether you’re actually getting a better deal from the new company.
Sometimes, it’s not worth the hassle of switching if you’re not going to see any real benefits. Weigh all these factors carefully before making a decision – and don’t forget to ask your current solar company if they have any exit fees or penalties!
Empire Solar Group Lawsuit
Empire Solar Group is currently facing a lawsuit from the California Attorney General’s office. The suit alleges that the company engaged in false and misleading advertising, as well as unfair business practices.
The Attorney General’s office began investigating Empire Solar Group after receiving multiple complaints from consumers.
These consumers alleged that they were lured into signing contracts with the company based on false promises of low-cost or free solar panel installation. Once they signed the contract, they found out that the actual costs were much higher than what was advertised. In some cases, consumers allege that they were charged for services that were never actually performed.
The Attorney General is seeking restitution for affected consumers, as well as civil penalties and injunctive relief to prevent Empire Solar Group from engaging in future deceptive practices.
Conclusion
If your solar company goes out of business, you may be left without a warranty or maintenance plan for your solar panels. This could mean that you have to pay for repairs or replacements out of pocket. If you have a lease or power purchase agreement (PPA), you may be able to transfer it to another company.
Alternatively, you could buy the panels from the solar company and become the owner.
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