What is a MIS-SOLD Solar Panel Claim?
Solar panels have progressively been sold as a potential financial investment. However, as there are several important issues to consider when choosing a system, our clients were very dependent on the advice of specialists selling the panels to them.
Countless Solar Companies told our clients that purchasing a solar power system for their home would not only save money on utility bills but would also earn money (Feed In Tariff Payments or FIT Payments) from any extra electricity sold back to the grid. Therefore the FIT payments would amount to an additional income.
However, in most cases, the panels failed to perform and generate the benefits which had been promised by the company. This led to an increase in solar panel mis-selling throughout the industry and an increase in legal claims for mis-sold solar panel purchases.
How do I know if I have been mis-sold my solar system?
Most of our clients were encouraged to take out finance to purchase the finance. The three main lenders offering such finance were:-
- Shawbrook Bank
- Barclays Partner Finance
- Creation Finance.
Our clients were usually informed they should not be concerned about taking out finance to purchase the panels because the income received from the FIT payments and the cost savings via the reduction in their own energy bills, would adequately cover any monthly finance repayments.
Unfortunately, many of the estimates and claims provided by the solar companies were overstated. This caused our clients to experience a significant shortfall between the monthly financial benefits of the solar panels, and the monthly finance repayments. This has left many of our clients – who utilised finance to pay for their solar panels – finding themselves with monthly finance repayments to make on top of their electricity charges.
If either of these situations is relevant to you then you are potentially a victim of solar panel mis-selling.
Making A Claim
If you were informed that the panels would pay for themselves and would be self-funding, but this hasn’t been achieved, then you may be eligible to make a claim.
Contact us today to discuss this matter further if you wish to bring a claim.
What if the Company is no longer trading?
Most Solar Companies are no longer continuing to trade. However, under Section 75 CCA 1975 you can bring a claim directly against the lender. Under the circumstances, you will still be able to pursue your claim even in the event of the Solar Company no longer continuing to trade.