Pink Energy’s loan deal for a client falsely doubled her income
CHARLOTTE, NC (WBTV) – Lawsuits and complaints against solar energy company Pink Energy, formerly known as Power Home Solar, highlight loopholes and failures in the process of obtaining loans which financially compromised customers. A WBTV investigation now reveals a Pink Energy client had her earnings unknowingly tampered with and listed as double what she actually earns.
A review of complaints from Pink Energy customers shows that virtually all have used financing to secure the purchase of a solar panel system. WBTV has copies of purchase contracts showing prices as low as $30,000 and over $100,000 for panel systems and backup batteries.
Many of the complaints filed with attorneys general’s offices claim that the panel systems that have been purchased do not provide the type of savings promised. In the case of Deena Mooney, she says there is no saving.
“I have a $64,000 system that generates solar power, but the electricity it generates isn’t going anywhere,” Mooney told WBTV.
Mooney lives in Missouri. She only bought her system from Pink in May this year and her loan was funded by Sunlight Financial.
Deena requested a copy of her loan application from Sunlight Financial and received the documents in the mail which left her slammed.
The qualifying loan information indicated that she was single and her annual income was $130,000 per year.
“I’ve been married for almost 25 years and also they doubled the amount of income I earned on this loan application,” Mooney said.
Many customers WBTV spoke to were unable to obtain copies of their loan applications from lenders.
The documents on which the legal filings against Pink Energy and WBTV’s investigations have focused come primarily from original loan documentation and purchase agreements.
– Loan application (includes entered applicant information like job, income and monthly debt)
– Purchase and installation form (includes information on energy system and batteries)
– Program product attachment (energy efficiency product information and product compensation percentage)
– Scope of work (information on the amount of energy drawn from the grid compared to the solar panel system)
Other internal Pink Energy communications, obtained by WBTV via sources and verified by an employee who received the email, raise additional questions about whether more information in loan applications and qualification must be criticized.
The email from 2020, when Pink Energy was still called Power Home Solar, gives explicit instructions to company employees on “workarounds” if they “cannot get the customer approved.”
The email, sent by a high-level employee, explains that Pink/Power Home used Sunlight Financial as the primary lender on most systems, but “when processing loans, it is VERY IMPORTANT that you qualify the customer by using the integration of the Solo proposal”.
The email explains that if an employee cannot use Solo and must use the Sunlight portal, they will need to enter different information to “get the loan approved.”
WBTV provided a copy of the email and information about Mooney’s loan application to Sunlight Financial.
A spokesperson for Sunlight Financial wrote in an email that the company has adequate procedures in place to ensure accurate information is included in loans.
“Although Sunlight is not aware of this specific email, we use back-end review procedures to ensure the accuracy of loan application information. Additionally, Sunlight uses a variety of third-party tools to validate the creditworthiness of applicants and verify the identity of loan applicants,” a spokesperson wrote.
The spokesperson also claimed that Mooney’s system was connected to the network, but Mooney later provided WBTV with an email refuting this claim which shows that his system only has I permission to connect to their local power grid.
Ohio legal complaints that also list a lender as a defendant say Pink’s sales representatives rushed to review loan applications with customers by scrolling through the electronic agreement “at a rapid and unacceptable pace. , while simultaneously giving its inaccurate and erroneous interpretation of the content of each provision.
The lawsuits also allege Pink Energy combined solar system output with energy-efficiency kits that include LED bulbs, showerheads, thermal blankets and more.
Customer records obtained by WBTV also show that nearly all of them have received energy efficiency items, whether or not they already have them.
According to the lawsuit, the bundling of the system’s output with the energy efficiency package was done to “calculate how much energy (customers) would get from the power grid versus how much they would gain/save by switching to the solar system of the defendant Pink Energy”. .”
The lawsuit alleges that Pink allowed Pink to sell “its solar panel to customers at a high mark-up price.”
WBTV contacted Pink Energy for comment, but no response was provided. The company filed for Chapter 7 bankruptcy on October 7.
If you’re a customer looking for these sales and loan agreements, here’s what to ask for and where to ask for it.
Copies of the following.
– Loan application
– Purchase and installation form
– Program product attachment
– Work’s extent
good jump – Email [email protected] and/or for hard copies call 1.877.290.9991.
Sunlight Financial – Email [email protected]
Language of loan documentation – To Obtain Paper Copies of Documents
“To obtain hard copies of any or all of the materials previously delivered to you by email or executed electronically, you should email us at [email protected], quoting your email address in the body. email, your full name, mailing address, telephone number and request to receive the specified Documents or all Documents previously delivered by email or executed electronically.”
If the loan company claims there is another underwriter, request the information from the other company as well.
Email [email protected] with any discrepancies you may find in the loan application, purchase and installation form, program product attachment, and scope of work forms.
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