Attorney general asks solar lending companies to suspend loan payments and interest for Pink Energy customers

Pink Energy is also accused of misrepresenting consumers’ eligibility for state or federal tax credits to satisfy loan agreements with solar lending companies.
Published: Nov. 22, 2022 at 4:00 PM EST
Email This Link
Share on Pinterest
Share on LinkedIn

WILMINGTON, N.C. (WECT) - Attorney General Josh Stein and Kentucky Attorney General Daniel Cameron have sent a letter to Dividend Solar Finance, GoodLeap, Cross River Bank, Sunlight Financial, and Solar Mosaic to assist customers of Pink Energy, also known as Power Home Solar, who are experiencing functionality and installation issues.

The letter asks the five solar lending companies to suspend payments and the accrual of interest for customers who financed a solar power system purchase from Pink Energy and haven’t received a working power system. This is part of Stein’s investigation into Pink Energy for allegedly violating consumer protection laws.

In their letter, the attorneys general state they have received many complaints alleging that “Pink Energy Energy made ‘false representations regarding the systems’ capabilities and anticipated electric bill reduction.’ As a result, consumers who thought they were making an environmentally and financially wise decision by buying a solar power system from Pink Energy are now stuck making loan payments for a solar power system that underperforms or doesn’t work, on top of their monthly electric bill.”

Pink Energy is also accused of misrepresenting consumers’ eligibility for state or federal tax credits to satisfy loan agreements with solar lending companies, and many consumers are faced with increased monthly payments without a tax credit that would make their payments more affordable.

“Pink Energy failed to deliver what it promised customers, and now these customers are on the hook for payments for a system that doesn’t work,” Stein states in a press release. “As I continue my investigation into Pink Energy, I’m asking these lenders to do the right thing and help lessen some of the financial burdens that Pink Energy customers are facing.”

Pink Energy filed for bankruptcy on October 7.

Stein is also joined in sending this letter by the Attorneys General of Kentucky, Illinois, Indiana, Michigan, Pennsylvania, South Carolina, Tennessee, and Virginia.