After reviewing their ill father's finances, a concerned child was troubled to discover a solar loan depleting their father's money.
According to the original poster, three years ago, their father signed up for solar power in Los Angeles through PACE, formally known as Property Assessed Clean Energy. With PACE, homeowners pay the costs of installing clean energy over the course of a long-term loan.
However, the OP's father is both elderly and ill, and based on the price of the panels, the OP is concerned that their father may have been taken advantage of by a solar salesperson. For 20 panels, the father is paying a total of $68,000. To put this number in context, the average price of solar panel installations in California before any federal incentives is about $22,600, according to SolarReviews.
If homeowners aren't aware of the contract's terms, they may encounter overpriced panels and high interest rates. In this particular case, the child was shocked to discover the loan has an interest rate of 7.5% over 30 years as well as additional closing costs.
"And it's tied to the property tax so he's basically FORCED to keep paying it," wrote the OP. "I am absolutely sick to my … stomach after reading through this."
Redditors in the r/Solar forum empathized with the OP's situation and offered potential solutions.
"Don't give up - there are ways to challenge these predatory contracts, especially when they involve vulnerable seniors," responded one user.
Finding the right solar provider is essential for avoiding overpriced panels and frustrating contracts. Despite these challenges, however, switching to solar power with the right provider and a fair contract remains an effective way to reduce your home energy costs to near or at $0 while decreasing your household's environmental footprint.
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The upfront cost 💰 Redditors continued to discuss the OP's frustrating situation.
"Unfortunately, this kind of setup is super common in L.A., especially with elderly homeowners, and it often falls under predatory lending or even elder financial abuse," wrote one user.
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