Foren » Discussions » Home Solar property sale related questions - But from a bankrupt solar company

twofortwo
Avatar

Hi, I have questions regarding the situation of selling a house where an existing solar installation (installed in 2015) is on site and connected to a utility company. It is currently running.

  1. The home seller pays the solar finance company "Mosaic" before selling the property.
  2. Their 6 kW solar system was installed and funded by the American company Solar Direct. But in 2017, they went bankrupt. So their monthly financial payments have since been made to Mosaic

My questions are as follows: 1. Assuming they have paid it in full to Mosaic, and I can easily double-check this before the property is transferred; how can I be sure that I am now the rightful owner of the solar system in the house? Should I ask the Mosaic or the seller for some form of paperwork to say that I am now the "new owner"?

  1. As soon as I have the keys to the house, I will contact the utility company and tell them that I am the new owner. Then I will ask you to start connecting the service. Will the utility company require some new documentation from me, or will it just use the data of the previous owner and start servicing me? Note: I think the existing owners are on some form of NEM net accounting plan. Not sure if they are on the legacy plan or not...

  2. American Solar Direct went bankrupt. So, I suspect, there are no more guarantees for the system. I can't call Mosaic because I think it's only solar financing, not a solar installation company. What are my alternative options for getting support if something doesn't work on my system in the future?

Thank you for any advice..

bsbsbsd
Avatar

I don't understand how such a company can go bankrupt

fdbdfbdg
Avatar

If you decide to take up solar business, that is, start mining and selling energy with the help of solar panels, then you should always be prepared for the fact that sooner or later the time will come when the sun goes beyond the clouds and you go bankrupt. All such companies, as a rule, make a mistake and from the very beginning of their work they do not formalize their protection against bankruptcy. After all, you don’t know when the sun will end and the rains will begin. And even there are special companies like bankruptcy lawyer san diego that help with this. This site provides full information on bankruptcy and even provides a personal attorney to help you in case of a trial.