Solar Panel Mis-Selling
23 January 2018
Mr. D received over £9,000 after being mis-sold solar panels
Mr D purchased a solar panel system after being cold-called and being advised that the system would be self-funding and would pay for itself. He was advised that the system would not have an actual net cost as the monthly finance payments would be met, and exceeded, by the savings he would make from quarterly Feed in Tariff (FIT) payments and electricity savings on his bills. The result would be a cost neutral system that would actually be ‘free’.
He signed a 10 year finance agreement with a total liability of £12,800, paying monthly installments of £107.00 on the basis that he would make back at least this amount per month from the FIT and bill savings. Upon analysing the client’s bills and FIT payments, it became evident that he was saving around £35.00 per month, leaving a deficit of over £70.00 a month. Given this shortfall he was left with no option but to redeem the finance agreement and take out a further personal loan given the extortionate finance rate he was being charged.
TRUE were successful in negotiating a settlement with the finance provider for over £9,000, being the total amount he paid for the panels, and in addition the finance provider agreed to pay for the solar panels to be removed and to repair any consequential damage to the roof.