Bankrupt Solar Companies: What It Means for Consumers and Installers
The bankruptcy of numerous solar companies has left many homeowners feeling stranded and uncertain about their investments. Eight of the top ten solar companies, including major players like Titan Solar Power, Vision Solar, and Erus Energy, have declared bankruptcy. This has caused widespread market disruption and left many consumers with incomplete installations.
But all is not lost. Consumers can turn to other companies for servicing, repairs, or taking over systems if their initial company goes out of business. In this article, we explore why these companies failed, what it means for your solar setup, and how SolarFIX Protect is stepping in to support affected homeowners.
Key Factors Behind the Bankruptcies
Several critical issues contributed to the collapse of these solar companies:
Higher Interest Rates
The Federal Reserve’s rate hikes led to higher borrowing costs, dissuading consumers from investing in solar energy systems. The financial strain and insolvency faced by many solar contractors—due to increasing working capital costs—only worsened the situation.
Stricter Financing Conditions
New net metering rules under California’s NEM 3.0 significantly reduced system economics. Solar investments became less financially attractive, especially in California, severely impacting the market.
Unfavorable Policy Changes
Changes in solar policy led to a steep decline in rooftop installations. This trend was especially damaging in California, Arizona, Idaho, and West Virginia, pushing many companies toward bankruptcy.
Poor Cash Flow Management
Many companies mismanaged their finances. The use of low-quality equipment requiring constant repairs made operations financially unsustainable.
Major Solar Companies That Declared Bankruptcy
The wave of bankruptcies in 2023 included high-profile companies like:
ADT Solar
Sunworks, Inc.
Titan Solar Power
Suntuity Renewables
Once celebrated for their growth and innovation, these companies faced insurmountable operational and financial challenges. Thousands of customers were left with incomplete installations and uncertain service agreements.
Impact on the Residential Solar Industry
The residential solar sector has taken a major hit due to these bankruptcies:
Job Losses
Over 17,000 layoffs occurred in the solar industry in 2023 alone, especially in installation-related roles.
Project Incompletions
Homeowners were left with unfinished projects, and many now face ambiguous warranty terms with no installer to call.
Financial Struggles
Big names like SunRun and Sunnova reported substantial losses, pointing to broader industry issues. Solar leases, in particular, have created complications—if a leasing company goes bankrupt, customers may be left in legal and financial limbo.
Navigating Solar Installations Post-Bankruptcy
If your solar installer has gone bankrupt, here are some immediate actions to take:
Contact SolarFIX About SolarFIX Protect
SolarFIX offers expertise to
solar systems abandoned by bankrupt companies. Their technicians and local electricians can keep your system running efficiently.
Protecting Your Investment in Solar Panels
Don’t let a bankrupt installer compromise your investment. Take proactive steps:
Extended Warranties: Purchase additional coverage for long-term peace of mind.
Buyer Responsibility: In bankruptcy cases, ensure warranties are honored by new ownership.
Theft Prevention: Use locking fasteners and alarm systems with SolarFIX Protect.
Don’t let a bankrupt solar company leave you in the dark! Trust SolarFIX Protect for reliable solar solutions, maintenance, and support you can count on.
SolarFIX Protect: Comprehensive Support for Homeowners
Maintenance Includes:
✔ 5-Year Extended Workmanship Warranty (with yearly assessment)
✔ FREE Yearly Solar System Assessment ($295 Value)
– Full System Inspection
– Assessment Report
– 1 Hour of Service
Technicians can fix minor issues on-site. For more complex problems, you’ll receive expert recommendations to restore system performance.
Monitoring Includes:
✔ 24/7 Monitoring
✔ Monthly Monitoring Reports
– Get Alerts if anything goes wrong, along with a recommended action plan
✔ VIP Priority Service
– Faster scheduling for SolarFIX Protect Members
Perks Include:
✔ 10% Discount on all products and services
– Save on Off-Grid AC, system upgrades, battery backups & more
✔ Exclusive Deals and Promotions
✔ Loyalty Points
– +10 points per month of active monitoring
– Redeem for service calls, cleanings, batteries, generators, etc.
Companies Whose Customers We Are Assisting
SolarFIX Protect is currently helping customers from the following companies:
Ace Solar Systems
ADT Solar
Arizona Solar Concepts
Empire Solar Group
Erus Energy
Jet Solar
Petersen-Dean
Salt River Solar & Wind
Solar Direct
Solarworks
Stirling Energy Systems
Sun Harvest
SunPower
SUNRUN
Titan Solar Power
Vision Solar
Zenernet
Spreading the Word About SolarFIX Protect
We are actively working to raise awareness and help homeowners affected by the recent surge in solar company bankruptcies. Through media appearances and community outreach, we aim to educate and empower homeowners during this uncertain time.
If you or someone you know has been affected by a bankrupt solar installer, contact SolarFIX Protect for the support and solutions you need.
SOLAR FIX OFFERS SOLAR REPAIR SERVICES IN PHOENIX, AZ
Solar Fix AZ is a group of solar repair technicians that have been in the industry for 10+ years.
We have seen just about every solar inverter, solar panel, or solar racking system out there and have the skills and tools necessary to fix your solar problem professionally and affordably.
We are licensed, bonded, and insured ROC# 323541. We can help with solar system repair, solar panel replacement, solar panel r&r, and solar panel inspections in Phoenix, AZ and surrounding areas.
Get A Monitoring System quote Today!
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We look forward to helping you with all your Solar Repair, Removal and Reinstall, Inspection and Installation needs.