Financing directly as homeowner

[holeydonut]

nope, I did not say that. I had a choice! I know a person who got approval many months before me for SGIP batteries, agreed to pay cash, and still is waiting. Last year no one had any idea getting PW's would be this nuts

Lol, then I have no idea what you said. It sounded like if you were paying cash, then you never would have seen your Powerwalls.

Taken literally, this sounds like an illegal lending practice. A company cannot withhold an product or service advertised in good faith with a caveat that financing must be obtained.

For example, a car cannot be offered as $10,000* (but only if you finance through Ford Motor Credit). It's fine to advertise a low rate for qualified buyers or a discount from the lender... but the actual inventory stock cannot be made exclusive only to people who finance. I guess this changes if someone pays a membership fee to be a part of the "exclusive club" like Costco... but last I checked there are no PV+ESS Costcos... and Costco doesn't require you to finance solar if you purchase from their partner, Sunrun.

 

[h2ofun]

Lol, then I have no idea what you said. It sounded like if you were paying cash, then you never would have seen your Powerwalls.

Taken literally, this sounds like an illegal lending practice. A company cannot withhold an product or service advertised in good faith with a caveat that financing must be obtained.

For example, a car cannot be offered as $10,000* (but only if you finance through Ford Motor Credit). It's fine to advertise a low rate for qualified buyers or a discount from the lender... but the actual inventory stock cannot be made exclusive only to people who finance. I guess this changes if someone pays a membership fee to be a part of the "exclusive club" like Costco... but last I checked there are no PV+ESS Costcos... and Costco doesn't require you to finance solar if you purchase from their partner, Sunrun.

Why do so many posts in this group say this is illegal, or I am going to sue, or, or, or. Yep, companies can have different supply chains. Lots of folks have ordered PW's a long long time ago and still do not have. I guess they all need to start law suits.

 

[holeydonut]

Why do so many posts in this group say this is illegal, or I am going to sue, or, or, or. Yep, companies can have different supply chains. Lots of folks have ordered PW's a long long time ago and still do not have. I guess they all need to start law suits.

Yeah, but your comment made it seem like because you financed through a loan, they got you hooked up with the hardware. While other people who didn't take out a loan in the same manner (from the same vendor) are still bag-holding orders without any progress.

I didn't say you had a case to sue-over. I'm pointing out the business practice that you outlined is literally illegal and such businesses that decide to operate this way could run afoul with the CFBP, FTC, etc. Which is why I'm curious to know if you had paid for your order in cash (to the same vendor), would it have cost less for you to get the same result?

 

[h2ofun]

Yeah, but your comment made it seem like because you financed through a loan, they got you hooked up with the hardware. While other people who didn't take out a loan in the same manner (from the same vendor) are still bag-holding orders without any progress.

I didn't say you had a case to sue-over. I'm pointing out the business practice that you outlined is literally illegal and such businesses that decide to operate this way could run afoul with the CFBP, FTC, etc. Which is why I'm curious to know if you had paid for your order in cash (to the same vendor), would it have cost less for you to get the same result?

Again, that is not the way it is, but you seem to already have you mind made up and again use the word illegal.

I never asked about price of cash vs loan. I did not care. I just did not want to up front that much money. Wanted to pay of when I wanted and the load was the way to give me that flexibility.

 

[holeydonut]

Again, that is not the way it is, but you seem to already have you mind made up and again use the word illegal.

I never asked about price of cash vs loan. I did not care. I just did not want to up front that much money. Wanted to pay of when I wanted and the load was the way to give me that flexibility.

If it's not the way it is... then what did you mean by "If I had use cash for my PW's, I would never have seen them".

Anyway, it sounds like what you experienced is legal. Since you just chose to finance as your own prerogative and the installer didn't force you to finance or else you wouldn't get the Powerwalls. And it sounds like for those people you know that didn't get their Powerwalls yet, it was more of a poor choice of installer who couldn't get inventory; and not a case where the installer was only prioritizing inventory for people who financed with them.

But if you know a homeowner who also signed a purchase agreement with your installer... and that your installer hasn't allocated Powerwalls to that homeowner due to them having used their own financing... then that homeowner should report the business practice to the CFPB since it is "not good".

Also, as a matter of course (not a matter of legality), a buyer is in their best interest to ask the price to finance a solar purchase versus the price for up front cash payment. This allows the buyer to learn of any hidden finance charges. With home loans and auto loans, there is a regulatory requirement for such origination fees to be clearly disclosed. Personal loans and newer lending products seem to be more opportunistic in nature.

 

[h2ofun]

If it's not the way it is... then what did you mean by "If I had use cash for my PW's, I would never have seen them".

Anyway, it sounds like what you experienced is legal. Since you just chose to finance as your own prerogative and the installer didn't force you to finance or else you wouldn't get the Powerwalls. And it sounds like for those people you know that didn't get their Powerwalls yet, it was more of a poor choice of installer who couldn't get inventory; and not a case where the installer was only prioritizing inventory for people who financed with them.

But if you know a homeowner who also signed a purchase agreement with your installer... and that your installer hasn't allocated Powerwalls to that homeowner due to them having used their own financing... then that homeowner should report the business practice to the CFPB since it is "not good".

Also, as a matter of course (not a matter of legality), a buyer is in their best interest to ask the price to finance a solar purchase versus the price for up front cash payment. This allows the buyer to learn of any hidden finance charges. With home loans and auto loans, there is a regulatory requirement for such origination fees to be clearly disclosed. Personal loans and newer lending products seem to be more opportunistic in nature.

Bottom line is getting PW's, no matter how paid for, it really really hard.

 

[holeydonut]

Bottom line is getting PW's, no matter how paid for, it really really hard.

I still want to know how @Vines seems to have an endless supply of those bastards.

And I hope your SGIP goes easier than mine. I have a new 30 day clock for PG&E to review my "Discharge Data", the "Site Audit Pictures" and my revised interconnection using EV2-A instead of E-TOU-C + Medical Baseline.

 

[h2ofun]

I still want to know how @Vines seems to have an endless supply of those bastards.

And I hope your SGIP goes easier than mine. I have a new 30 day clock for PG&E to review my "Discharge Data", the "Site Audit Pictures" and my revised interconnection using EV2-A instead of E-TOU-C + Medical Baseline.

PGE has my stuff. I have heard of nothing else, yet, anyone needs.

I thought he said they were limited also, but, might have misread.

Oh well, at least you have yours.

 

[holeydonut]

PGE has my stuff. I have heard of nothing else, yet, anyone needs.

I thought he said they were limited also, but, might have misread.

Oh well, at least you have yours.

Don’t jinx it, I’m picturing PG&E sending out a truck and a person with a Sawzall takes my Powerwalls away for inspection.

 

[jjrandorin]

Don’t jinx it, I’m picturing PG&E sending out a truck and a person with a Sawzall takes my Powerwalls away for inspection.

Lmao.... I actually laughed out loud at that, picturing the person with the sawzall taking your poweralls away "for a 6 month inspection" but installing a few more disconnects for you as a "good will gesture" while they were there removing the powerwalls.

 

[mjness]

I financed our PV+PW, done in March, with a personal line of credit from my bank First Republic, at 2.5%.

 

[scubastevo80]

I financed our PV+PW, done in March, with a personal line of credit from my bank First Republic, at 2.5%.

Thanks - I think I'm going to take an LOC at one of my credit unions (Alliant). I'm ultimately going to push for paying by credit card and then will pay the CCs off with the LOC. I'll use the tax credit next year to pay down part of the balance and will aggressively pay this thing off.

 

[DJVoorhees]

Hmmmm, sounds like Tesla doesn't have a reliable financing partner with a lending license in Jersey. I would recommend you hit up SoFi or Lending Club or Fiona (no, I didn't paste any affiliate links...) to see if they can get you a personal loan for this "home improvement project". Interest rates are pretty low and you could get something reasonable.

If this personal loan option doesn't work, I would also recommend that you to explore a HELOC. Some regional banks near me are offering introductory 0.99% APR rates on HELOCs at this time, which if you pay down before the HELOC revolving period ends, you could save quite a bit of interest.

You can also look for other installers other than Tesla. If your project needs a new main service panel, I've found Tesla's rates aren't actually cheaper than the competition. For example, Sunrun will include a main service panel replacement/upgrade for "free" as long as that cost is a simple like-for-like.

Im in NJ and going through the solar process now, same stage as the OP - I financed via the Tesla process via Sunlight Financial.

 

[scubastevo80]

Im in NJ and going through the solar process now, same stage as the OP - I financed via the Tesla process via Sunlight Financial.

You applied for the solar loan through Sunlight before the panels were on your roof though, correct? That's the piece I didn't realize and wasn't told about when I originally spoke to my project adviser. I said to put cash but I likely will want to finance and was told switching was fine. I wasn't told I had to switch prior to the actual install - I assumed (wrongly) I could finance prior to payment being due.

 

[DJVoorhees]

You applied for the solar loan through Sunlight before the panels were on your roof though, correct? That's the piece I didn't realize and wasn't told about when I originally spoke to my project adviser. I said to put cash but I likely will want to finance and was told switching was fine. I wasn't told I had to switch prior to the actual install - I assumed (wrongly) I could finance prior to payment being due.

Yes - correct.

 

[DJVoorhees]

Well - Inspection day today, and Tesla failed. They did something wrong in the panel with the line side tap.
It's going on ~8 weeks since the install, very disappointing.

 

[cobra]

Ugh, sorry to hear. So Tesla has to come out and modify?

 

[DJVoorhees]

Ugh, sorry to hear. So Tesla has to come out and modify?

Yeah - they are responsive so far, the local rep who deals with the town seems to be on his game, he's handling the repair.

 

[charlesj]

Yeah - they are responsive so far, the local rep who deals with the town seems to be on his game, he's handling the repair.

How come you have a local rep and I don't? We all should have a local rep.

 

[DJVoorhees]

How come you have a local rep and I don't? We all should have a local rep.

He's the persopn behind the scenes that you usually dont have access to, he isn't customer facing. He meets the inspectors on site for inspections and coordinates with the town, picks up and delivers paperwork etc etc.

You shouldnt ever need to know he exists unless you have a problem.