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What will happen if the company that I lease my panels from goes out of business?

asked 2014-12-31 13:30:02 -0500

Nel gravatar image

I am interested in signing up for a solar lease but among my concerns is the question of what happens if the company that installed my system goes bankrupt. Will they come in and take the system off my roof? Will my solar rates change? I guess that's my biggest concern--if the company's owners change, will I suddenly be left getting charged more for the solar power that was supposed be cheaper than utility power?

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answered 2015-01-22 19:12:13 -0500

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updated 2015-01-22 19:12:13 -0500

jwd50 gravatar image

COPIED FROM SAME QUESTION EARLIER ON

it matters which leasing company so you should ask them directly. The leasing company we work with has a third party that backs them up. What I've seen happen is that one company will acquire the assets of another and will assume the responsibilities going forward. I can hear your next question "why would they want to take on that responsibility if I'm not going to make any more payments?" The short answer is that the majority of the leases they will acquire are monthly and not prepay so they will be receiving money monthly from those leases. I'd assume they have to take on the entire portfolio which includes both monthly and prepaid. They can't (or shouldn't) take some and not all. But it is best to ask you installer or lease company this question since that trumps any speculation. The very worst case scenario is that you would have to maintain the system yourself and that would put you in the same boat as anyone that had originally purchased their system. Unlikely this will happen but it isn't that bad after all.

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Asked: 2014-12-31 13:30:02 -0500

Seen: 1,932 times

Last updated: Jan 22 '15