Currently nearly one million homes every year have solar panels installed, and solar panel fraud is on the rise.
The standard come-on is that solar panels will significantly cut your electric bills by at least 50%. Is this true? I have heard stories, where the savings are half of that or less.
A solar panel installation is expensive. Plan on paying at least $30,000 and up. $70,000 is not uncommon. If you can’t pay the lump sum, installers will offer to finance. In a word, don’t take it. The financing will put a lien on your house. The financing company will be separate from the installer. If you have problems with the operation, you can only look to the installer. Don’t be surprised if they have left town, gone out of business, or filed for bankruptcy. Keep in mind, half of all businesses, even big ones, go out of business within 5 years. When that happens you are still stuck with that 30-year note and a system that doesn’t work.
Should you get a solar system? Maybe. There are a few well-established businesses that have a good record. It will take time to find one, and when you are ready, you be the one who contacts them. The best advice is never, ever deal with a company that solicits you. Next, best advice is, don’t believe in any advertising. The third best advice is, to find and talk to people who do have solar and get their opinion on how things really work.
If you are considering solar or having a problem with your system, call the Law Office of Elliott Klein, for a consultation.