How to Look out for Shady Practices

Information on solar loans is everywhere that you look these days. While this is a great thing, it also means that it can be difficult to understand what's misleading or too good to be true. Here are some ways to tell when a solar company may have shady practices and how to avoid it.

Red Flags to Look For:

• Claims that the Federal Investment Tax Credit (ITC) for solar will be expiring soon. Read more about the ITC here.
• They urge you to share your personal information, such as address, contact information, and utility bill, to "see if you qualify". They use this information to create sales leads and attempt to sell you products.
• They describe "program funding" as a "limited time offer".
• Calling a solar/roof replacement loan a government sponsored offer.
• They make it seem like financing is the only option to go solar. There are multiple financing options, and systems can be paid for in cash as well.

Beware Pushy Sales Tactics:

Door-to-door salespeople have bad reputations. They aren't inherently bad, but there are some things to watch out for to make sure you understand the offer you're given.

• Pressuring a deadline for some benefit or incentive, such as a promotional financing rate or rebate that expires soon.
• Exaggerating the return on investment for the panels. In most cases, solar panels are a good long term investment. However, if they share returns that sound too good to be true, they might be.
• Projecting huge increases in future utility costs. Electricity costs have been rising in recent times, but pushy salespeople can heavily exaggerate the potential for future rate increases to make the return on investment seem higher.
• They offer a rebate on a system that they are charging a premium on, to make it sound like a better deal.

Our Recommendations to Stay Informed While Going Solar:

Climate First Bank is partnered with top solar installers all over the United States. Our suggestions for making sure solar is right for you is:

• Be informed. Look into the contract proposal and make sure that you understand every cost and agreement inside. Do research to make sure these are standard and that you're not being taken advantage of.
• Be prepared to reach out to multiple reputable installers to find ones that match your needs.
• If you're unsure, feel free to reach out to us! We have a help center for consumers like yourself and a team who prides themselves on assisting people to make the right choices when going solar.