Hey everyone, I recently had solar panels installed in Northern California, and everything was going smoothly until I found out that the financing company, Mosaic, has gone bankrupt. The installation company has told me that I need to find my own financing options or pay upfront for the remaining balance. However, most financing options seem to require working with registered contractors, which isn't feasible since the installation is already complete. Does anyone have suggestions on how to handle this situation or interact with the installer? Any advice on potential funding sources would be appreciated!
2 Answers
Financing solar can be tricky, especially in your case. It's similar to securing any kind of loan, so shop around for the best interest rates. A Home Equity Line of Credit (HELOC) could be a solid option to consider. Remember, just because the solar company had a financing partner doesn't mean you're stuck with them. It's actually a good chance to negotiate a better price with the installers since they're in a tough spot now. Worst case, they might place a lien on your property until you settle up, but they likely can't just come and remove your equipment without legal grounds. Stay proactive!
You’re really in a pickle with this situation. First off, don't panic! Since the installation is done, one route is to look into local credit unions or community banks that might offer loans for solar projects without requiring contractors. You can also check for personal loans or even peer-to-peer lending platforms. If you have good credit, that could work in your favor. And contacting the installers directly might present some options for negotiating the payment terms as well. Just keep all your communication clear and documented!
I appreciate the reassurance! I’ll definitely explore credit unions and see what terms they might offer. Fingers crossed!
Thanks for the tips! I'm a bit worried, though, about what could happen if they try to remove the solar or battery systems if I can't pay. Is that really a possibility? I hope not!