Smart Solar Investments Start with Smart Financing

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Embracing green energy, like solar power, can be a smart investment for homeowners. Technological innovations and consumer tax credits at both the state and federal level have lowered the cost and increased accessibility for residents to implement solar power. However, along with increased benefits comes increased risks. The solar industry is ripe for scammers, who find loopholes in regulation and exploit them.

You may have heard of offers that promise free solar panels when you install a solar system on your home. Sounds too good to be true, right? Unfortunately, this is often the case. Consumers have been burned by these free offers, finding themselves stuck in long-term contracts that can be difficult to cancel. These offers are usually presented as solar leases or power purchase agreements (PPAs). With a solar lease, the panels on your roof are owned by a third-party vendor from whom you are under contract to rent them from for several years. PPAs, outlawed in some states, give the solar power company all the benefits of the tax credits because the company retains ownership of the system. Consumers locked into PPAs will still pay for the equipment that generates their new solar power but reap none of the monetary benefits.

What are the reasons you might be considering installing a solar power system? They may include:

  • Increasing the market value of your home;
  • Maximizing tax benefits (if you are a business owner, you may be able to treat the solar panel system as a depreciable asset);
  • Saving on your regular electricity bill; and
  • Utilizing rebates and/or the federal investment tax credit.

When you do not own the panels, you lose all of these benefits and may also lose control over the length of time you’ll be locked into paying the solar power company.

There are better options available for smart homeowners. Financing that includes the equipment or cash purchases will allow all the savings and benefits to flow to the homeowner instead of a third-party leasing agent or the solar company itself.

 

What to do if you suspect you’ve been scammed?

That’s why we’re here. Parnall & Adams has guided clients through situations just like this, many times over. We never take on a case where the client stands to be compensated less than our professional team—in other words, our clients’ interests always come first.

If you or someone you know has been locked into a scam like this one, reach out to us for help in resolving it. Schedule your free consultation here: https://parnalladams.com/request-consultation/.

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Articles published by Parnall & Adams Law are purely for educational purposes and provides generalized information of the topic(s) covered. These articles should not be considered as legal advice.

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