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£23,000 Settlement For Couple Mis-Sold Solar Panels
8 January 2020
Mr & Mrs A were interested in reducing their energy bills and, after receiving a sales presentation from a solar panel sales company, they agreed to purchase solar panels using a 15 year finance agreement. They were told that the solar panels would produce a financial benefit from energy bill reduction and a feed-in-tariff income which would not only cover the monthly finance repayments, but would also provide a profit. As such, the panels would not be an additional financial outgoing and would provide a benefit.
Over the next couple of years Mr and Mrs A realised that the panels were not providing the levels of financial benefit they had been told to expect and they were actually incurring a financial loss every month by making the finance repayments. We calculated that it would actually take over 30 years for the solar panels to break even on their total cost.
We helped Mr & Mrs A to make a complaint to their finance provider about the misrepresentations that had been made and we were successful in obtaining a settlement offer which gave them a benefit of over £23,000. The finance provider agreed to:
- Remove the solar panels. Due to the way the panels had been attached through the roof tiles it was discovered that individual repairs to the damaged areas would not be possible and so the entire roof was replaced at no charge to Mr & Mr A.
- Cancel the finance agreement. This resulted in a write-off of over £16,000 that had been owed over the remaining 15 year finance term.
- Refund over £5,000 that had been paid by Mr and Mrs A in finance repayments up to the point of settlement.
- Make a payment of over £1,100 which included interest on the sums paid by Mr & Mrs, plus a sum for the inconvenience caused.
Contact our financial mis-selling team today if you believe that you may have been mis-sold your solar panels.
