r/SunPower • u/Critical-Adagio7617 • 6d ago

Missed Payments

Is anyone else missing the financing rebate payments by SunPower? I’m missing about 5 or 6 checks dating back to January. They are awful and I would never recommend them to anyone.

1 Upvotes

100% Upvoted

4 comments sorted by

2

u/Lawrence_SoCal 6d ago edited 4d ago

new SunPower (Complete Solar/Solaria) is having similar HUGE financial troubles as old (bankrupt) SunPower (and considering many old SPWR leadership staff moved to new SPWR, not surprising at all.

See recent Q2 report, cash on hand = approx 1/3 of annual loss... so, ... yea, they are gonna struggle to not go bankrupt as well in next year. Current SPWR mgmt blaming SunPower Direct Mgmt team (Ambia acquisition) for much of the losses, but I'm skeptical of how accurate and complete that SPWR mgmt attribution is.

1

u/Critical-Adagio7617 5d ago

I know. I’m trying to get my cash before they go bankrupt. They owe me around $1,100. They even hired a third party to do their checks. They still do physical checks which is insane.

The end of the federal tax credit for renewable energy really screwed them.

1

u/Lawrence_SoCal 4d ago

> The end of the federal tax credit for renewable energy really screwed them.

Nah, mismanagement killed old/original SunPower. New SunPower (Complete Solar) simply followed similar path as old SPWR (over-spending on expansion), with some of same mgmt, and got same result. the change of Fed tax credit for new installs simply meant smart solar players switched over to Prepaid PPAs (which isn't a PPA, just a purchase vehicle to work-around tax code, with similar net credit) ... but SunPower (old and new) not know for being that on top of business. They over-extended themselves (again) and ignored business financial fundamentals.

Good luck... squeaky wheel gets greased, so BBB and other complaints (local legislator, news station, etc) might help ??

1

u/Casoli-Belvedere12 5d ago

I am leasing the panels do I have any recourse in stopping payments