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Rooftop Solar is about to collapse -Time Mag.
Posted on 1/29/24 at 10:01 am
Posted on 1/29/24 at 10:01 am
So apparently now that subsidies are expiring, the whole house of cards is coming down:
There are a lot of financing scams attached to solar, with loans that often exceed the value of the house itself. And apparently Wall Street financed much of Solar’s expansion, and now the bill is coming due. This is accelerating these bankruptcies.
Story Link
quote:
Still, the residential solar industry is floundering. In late 2023 alone, more than 100 residential solar dealers and installers in the U.S. declared bankruptcy, according to Roth Capital Partners—six times the number in the previous three years combined. Roth expects at least 100 more to fail. The two largest companies in the industry, SunRun and Sunnova, both posted big losses in their most recent quarterly reports, and their shares are down 86% and 81% respectively from their peaks in January 2021. (This isn’t because of an economy-wide trend; the S&P 500 has grown 26% over the same time period.) Sunnova is also under the microscope for having received a $3 billion loan guarantee from the Department of Energy while facing numerous complaints about troubling sales practices that targeted low-income and elderly homeowners. Another solar giant, SunPower, saw shares plunge 41% on Dec. 18 after it said that it may not be able to continue to operate because of debt issues. Sunlight Financial, a big player in the solar finance space, filed for Chapter 11 bankruptcy in October; it also faces a lawsuit alleging that the company made false and misleading statements about its financial well-being.
There are a lot of financing scams attached to solar, with loans that often exceed the value of the house itself. And apparently Wall Street financed much of Solar’s expansion, and now the bill is coming due. This is accelerating these bankruptcies.
Story Link
17
Posted on 1/29/24 at 10:05 am to DesScorp
Sounds like the sun is about to set on the industry.
ETA: I hope they enjoyed their time in the sun.
ETA: I hope they enjoyed their time in the sun.
This post was edited on 1/29/24 at 10:06 am
Posted on 1/29/24 at 10:07 am to DesScorp
It's real simple.
The true cost of solar panels exceed the lifetime savings on your electric bill.
They're only a good deal if someone else pays for them.
The true cost of solar panels exceed the lifetime savings on your electric bill.
They're only a good deal if someone else pays for them.
Posted on 1/29/24 at 10:08 am to DesScorp
We have Tesla solar panels on our roof. The previous owners paid off the remaining loan balance on them when we purchased the house a couple years ago.
They definitely help with the electric bill, we usually get a few bucks back from the electric company every month since we put surplus into their grid.
They definitely help with the electric bill, we usually get a few bucks back from the electric company every month since we put surplus into their grid.
This post was edited on 1/29/24 at 10:11 am
Posted on 1/29/24 at 10:08 am to DesScorp
It rains like every day, why don’t libs invent rain powered energy
Posted on 1/29/24 at 10:23 am to DesScorp
Unfortunately, because of green and global warming charlatans, solar is going to get beaten down when it actually does some things well.
Lighting is a perfect example. Solar lighting is pretty good for residential and could be useful for public roads, but instead of staying in its lane the left has destroyed this industry like they do most things. Selling people on solar being a stand alone power source was always nonsense and no one could give you a straight answer about future maintenance because they simply did not know.
Additionally, these huge solar fields destroy the environment and habitat for countless animals. So the same movement that wants to stop timber harvesting because environment, has no problem destroying acres of forest and field for panels, with not process to replant.
Lighting is a perfect example. Solar lighting is pretty good for residential and could be useful for public roads, but instead of staying in its lane the left has destroyed this industry like they do most things. Selling people on solar being a stand alone power source was always nonsense and no one could give you a straight answer about future maintenance because they simply did not know.
Additionally, these huge solar fields destroy the environment and habitat for countless animals. So the same movement that wants to stop timber harvesting because environment, has no problem destroying acres of forest and field for panels, with not process to replant.
Posted on 1/29/24 at 10:26 am to DesScorp
They must be struggling...I get at least 3-4 calls a week from sometimes the same and sometimes different solar companies that want to come out and make me a deal on solar panals
Posted on 1/29/24 at 11:04 am to DesScorp
quote:
a $3 billion loan guarantee from the Department of Energy while facing numerous complaints about troubling sales practices that targeted low-income and elderly homeowners.
Notice how the entire industry is one giant scam. It starts at the top with government, and trickles all the way down to the most vulnerable citizens.
Solar companies are just the middlemen in the scam.
Posted on 1/29/24 at 12:00 pm to DesScorp
Power companies are also closing or severely limiting any programs that would make these more attractive. Southern Company is absolutely gutting any buy back or incentives in the southeast where we get enough sun for them to even be viable.
Posted on 1/29/24 at 12:21 pm to DesScorp
The Sunset of Big Solar
Posted on 1/29/24 at 12:51 pm to DesScorp
People should consider one 100 watt solar panel. It costs less than $200 and can power 30 amps. So a Refrigerator, TV, a window unit, and a couple of lights. Beets running that generator during outages. Any heating elements will likely trip it, so keep your propane tanks full.
Posted on 1/29/24 at 1:37 pm to DesScorp
Posted on 1/29/24 at 1:58 pm to DesScorp
quote:
now that subsidies are expiring
Well that’s not right.
Posted on 1/29/24 at 2:43 pm to DesScorp
A lot of entergy simps in this thread.
Posted on 1/29/24 at 3:43 pm to DesScorp
Thank goodness. Good riddance to this con artist industry.
Posted on 1/29/24 at 6:47 pm to DesScorp
So do you have to pay back the load to a defunct company?
Posted on 1/30/24 at 8:31 am to DesScorp
Good.
Our tax dollars shouldn't pay for someone else's virtue signaling.
Our tax dollars shouldn't pay for someone else's virtue signaling.
Posted on 1/30/24 at 8:45 am to DesScorp
There are thousands of fly by night scammers in that business.
Can't wait for Tesla's solar roof to be a thing in my zip code. Figured there is less likelihood of a completely shoddy install since you have to basically partner with or be approved by Tesla to do that work.
Can't wait for Tesla's solar roof to be a thing in my zip code. Figured there is less likelihood of a completely shoddy install since you have to basically partner with or be approved by Tesla to do that work.
This post was edited on 1/30/24 at 8:46 am
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