April 18, 2024

Business Bib

Business & Finance Blog

5 Tips to Avoid Solar Panel Scams

3 min read

Do you know about the Niyato Industries scam? They promised a 50-cent stock that would give a 10- to 16-fold return when the company went public. It turned out to be a $2.7 million investment scam based on the promise of the green energy industry.

This type of scam is also known as a “green scam”. We are all interested in environmentally and socially responsible investments like solar panels, and scammers know this too. They are finding new and innovative ways to trick innocent people into investing in a solar panel scam.

Keep on reading to learn more about solar panel scams and how you can avoid them.

1) Avoid Aggressive Sales Tactics

Solar panel company scams may involve pushy or aggressive salespeople. They may push you to send money without signing a contract or make claims about time running out. If they are willing to give you a quote without even looking at your property, consider this a red flag and take extra care as this could be a solar panel scam.

2) Think Twice About Unrealistic Deals

You want to think twice about trusting a company that is offering a deal that sounds too good to be true. Look for terms such as “save up to 90%”, which could mean anything from 0% to 90%.

Ask more questions like how many people save up to 70% and what is the average savings? Reliable solar companies like Blue Raven offer full disclosure, reasonable prices, and clear language in their marketing.

3) Avoid Long-Term Contracts

The most reliable solar company will not offer long-term contracts. Any company pushing for a long-term contract is selling you a lease, and your monthly payments are not going towards purchasing the solar panel. If you see language like “putting a solar panel for free”, remember that it means there’s no money down, but you still have to pay a monthly fee.

4) Double-Check Claims of Government or Utility Companies

Solar panel company scams pretend to be government or utility companies. Double-check this information by checking their website and reaching out to the company. Any government or utility company rebates or deals should be easily available information on the actual website.

5) Understand How the Tax Credit Works

Take steps to understand how the federal tax credit actually works. It’s a credit that you receive when you file your tax return and have paid taxes. If a company is claiming to give you free money, this is not accurate and is likely a solar panel scam.

Learn More About Solar Panel Scams

Solar panel scams are increasing as the demand for renewable energy and green investments is on the rise. You may end up getting bombarded by solar panel phone scams or emails, which may sound like great deals. Before you sign a contract or send any money, make sure you double-check that the company is legitimate and not a scam.

Check out our blog for more fun articles to improve your knowledge and get the best tips for your investment. The more you know, the better decisions you can make.