Richmond – Lawyer Basic Jason Miyares right this moment joined a coalition of 9 attorneys common in sending a letter to 5 photo voltaic mortgage firms urging them to droop mortgage funds and the accrual of curiosity for patrons who’ve invested within the buy of solar energy programs from Pink Vitality and haven’t but. obtained a working solar energy system.
The attorneys common additionally requested the lenders, Dividend Photo voltaic Finance, GoodLeap, Cross Riverbank, Daylight Monetary, and Photo voltaic Mosaic, to assist Pink Vitality prospects experiencing different operational and set up points.
“Many Virginians have been caught off guard by Pink Vitality’s sudden chapter. Consequently, affected customers have been caught paying loans for ineffective or unusable photo voltaic panels on high of their electrical energy payments. -joining this coalition, we are attempting to ease the pressure on Virginians’ wallets whereas proactively assessing the state of affairs,” Miyares mentioned.
To guard Virginia customers, Miyares launched an investigation into Energy Residence Photo voltaic, doing enterprise as Pink Vitality, after receiving complaints concerning the firm’s alleged misleading enterprise practices. On October 7, earlier than the investigation was accomplished, Pink Vitality filed for chapter.
Of their letter, the attorneys common defined that a number of complaints obtained by their workplaces allege that Pink Vitality made “false representations concerning the capabilities of the programs and anticipated reductions within the electrical energy invoice .”
Consequently, customers “who have been led to imagine they have been making an environmentally pleasant and financially prudent determination by buying a solar energy system from Pink, are actually caught making mortgage funds for a poor solar energy system on high of their month-to-month electrical energy invoice.”
The coalition additionally famous that customers accused Pink Vitality of misrepresenting their eligibility for state or federal tax credit that might be used to fulfill mortgage agreements with these photo voltaic lenders, leaving the numerous customers in a dangerous monetary place.
The attorneys common wrote, “For a lot of customers, not receiving the promised tax credit has left them unable to make the mandatory lump sum funds wanted to maintain your organization, or a lender concerned. , from rising their month-to-month mortgage funds. These customers depend on Pink’s representations about tax credit to determine that they’ll afford the phrases of their mortgage, and the rise in month-to-month funds is greater than can of their budgets – particularly if the solar energy system doesn’t work correctly (or in any respect) .”
Miyares joined attorneys common from Kentucky, Illinois, Indiana, Michigan, North Carolina, Pennsylvania, South Carolina, and Tennessee in signing the letter.
