One of the most frequently asked questions from homeowners stuck with faulty or misleading solar panel agreements is: “Do I keep paying for my solar loan, or can I stop?” The answer depends on several factors, and it’s ultimately a personal decision. However, there are legal considerations that could impact your financial standing and credit score.
Understanding Your Options
If you choose to continue making payments, your credit report will remain in good standing. This is crucial for those who want to protect their credit score, especially if they plan to finance other major purchases in the future. However, many homeowners face a cash flow issue when trying to cover both their electric bill and their solar loan payment—especially when the promised savings from solar panels don’t materialize.
What Happens If You Stop Paying?
When we represent homeowners in solar panel lawsuits, we first send a demand letter to the lender. This letter states that our client believes they owe no further payments. If the homeowner continues paying, we make sure the payments are made under protest. This allows us to demand a full refund later through legal action.
Additionally, our demand letters clearly state that if the lender reports negative credit activity for non-payment, the settlement will include credit repair. This protects homeowners from long-term damage to their financial reputation caused by a faulty solar agreement.
Should You Keep Paying or Stop?
Ultimately, the decision comes down to your personal financial situation and risk tolerance. Some factors to consider include:
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- Can you afford both your electricity bill and solar loan payments? If making both payments puts you in a financial bind, non-payment may be a viable option.
- Do you want to protect your credit score? If so, continuing payments (under protest) while pursuing legal action is the safer route.
- Has your lender engaged in misleading sales practices or misrepresented the system’s performance? If so, you may have strong grounds for a lawsuit.
Taking Legal Action Against Your Lender
Many homeowners face this problem because solar companies misrepresented the true costs and benefits of their systems. If your installer promised energy savings, a 25-year warranty, or tax credits that never came through, you may have legal grounds to cancel your loan and seek damages.
Our firm specializes in suing solar lenders on behalf of homeowners who were misled. If you are struggling with high payments and an underperforming system, we can help you fight back. Contact us today for a consultation to explore your options.
Final Thoughts
Stopping your solar loan payments is a serious decision with financial consequences. However, if your lender used deceptive practices, you have legal rights. In fact, you may not have to keep paying. Whether you pay under protest or stop payments entirely, we can help you navigate this complex situation. Together, we’ll work to recover your money.
If you have questions or need legal assistance, reach out to our team today.
