Solar power company goes bankrupt

What happens if a solar installer goes bankrupt?

If your installer is also the manufacturer of the solar panels, bankruptcy could affect your manufacturer warranty. However, if another company acquires your bankrupt installer, the new owner may honor the existing warranties, though that’s not always the case, says Hayes.

Can a solar installer call a manufacturer if a company goes bankrupt?

So as long as the solar installer and manufacturer aren’t the same company, you should still be able to call the manufacturer for warrantied service on the panels. If your installer is also the manufacturer of the solar panels, bankruptcy could affect your manufacturer warranty.

How do I protect my solar panels from bankruptcy?

The safest way to prevent being left without a warranty from a bankrupt solar manufacturer is to buy your panels from a warranty-insuring manufacturer. A warranty-insuring manufacturer commits their warranties to be held up through third-party backing even if they declare bankruptcy.

Why did SunPower go bankrupt?

SunPower plans to sell its remaining assets through the bankruptcy process, the company said. Its stock collapsed below $1 in July after the company halted new leases, product shipments and installations. The residential solar sector has been walloped as high interest rates have depressed demand, leaving companies with too much inventory on hand.

Can a bankrupt solar company buy a solar panel?

Short answer: Yes. Why: If you financed your solar panels through your now-bankrupt solar company, another company will likely purchase the loan and you will still need to make the payments. Failing to make payments on the loan can have some serious consequences on your credit scores, result in fees and more.

Can a solar company survive a Chapter 11 bankruptcy?

Not all companies survive Chapter 11 bankruptcies, though. Action you can take now: If your solar company files bankruptcy or another company acquires it, you should receive a letter in the mail telling you about the situation and if it will affect your contract.