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Attorney General Cameron Leads Nine States in Urging Five Solar Lending Companies to Suspend Financial Obligations for Pink Energy Customers

Trying to protect the welfare of all kentucky consumer

                                              

FRANKFORT, Ky. (November 22, 2022) – Attorney General Cameron today led a coalition of nine attorneys general in sending a letter to Dividend Solar Finance, GoodLeap, Cross Riverbank, Sunlight Financial, and Solar Mosaic urging these solar lending companies to suspend the payment obligations of Pink Energy customers until the completion of the coalition’s investigation into possible consumer protection law violations.

“Kentuckians should be able to trust companies to deliver the products they claim to offer," said Attorney General Cameron. "We sent this letter to five solar lending companies to protect the financial welfare of Kentucky customers of Pink Energy while we address allegations of deceptive business practices.” 

Attorney General Cameron’s Office of Consumer Protection has received more than 70 consumer complaints regarding alleged deceptive business practices of Power Home Solar dba Pink Energy. To protect Kentuckians, Attorney General Cameron launched an investigation into Pink Energy. On October 7, before the investigation was complete, Pink Energy filed for bankruptcy.

In the letter, Attorney General Cameron and the coalition have requested the suspension of loan payments and the accrual of interest for customers who financed the purchase of a solar power system from Pink Energy and have not received a working solar power system. The attorneys general also ask the lenders to assist Pink Energy customers who are experiencing other functionality and installation issues.

In their letter, the attorneys general explain that many consumers are in a precarious financial situation because of alleged “false representations” by Pink Energy. They state that consumers “who were led to believe they were making an environmentally friendly and financially prudent decision by purchasing a solar power system from Pink, are now stuck making loan payments for an underperforming or non-functioning solar power system on top of their monthly electric bill.”

The coalition also notes that consumers have alleged that Pink Energy misrepresented eligibility for state or federal tax credits that their customers could use to satisfy the loan agreements with these solar lenders. The letter states, “These consumers relied on Pink Energy’s representations regarding the tax credits in deciding that they could afford the terms of their loan, and the increased monthly payments are beyond what their budgets could handle – especially when the solar power system is not functioning properly (or at all).”

Attorney General Cameron was joined by attorneys general from Illinois, Indiana, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, and Virginia in sending the letter.

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