Battery back-up determining

Re: Battery back-up determining

I don't think it takes a CPA to know the IRS would not allow the same deduction to two different entities. You might want to re-think that one.

Re: Battery back-up determining

benatwhodotnet wrote: »

The contractor has closed their offices and the AZ Registrar of Contractors has revoked their license. They are defaulting on the terms of the lease, the part where they are responsible for the maintenance for 20 years. If they are attempting to claim a solar credit, amortized over 20 years as they would be required to do, then my refund will be honored first and theirs will be denied. Also, the lease terms specified that I should file for, and give them, the refund... not happening.

Good thing about a folded lease company, if they really closed and don't get bought-out - you get to keep your system!

Many lease companies will abandon systems from expired leases rather than pay for the cost of removing 15-20 year old solar panels and racking and inverter halfway or all the way through its planned service life (and patching your roof so it don't leak as any leaks will ruin your trusses which could lead to a roof collapse). I've been told this by the SolarCity sales person. Just neither renew the lease nor tell them to remove the system, odds are favorable that they will abandon the system. Given this, a folded company is even more likely meaning that you have a free system. If they are still in business in another state and you weren't prepaid, this probably would mean they would still sending bills for montly payemnts. Actually you probably may have to keep making payments even if they folded nationwide. With SolarCity, if you pay monthly and not up-front, the lease payment is actually paid to them up front - you are paying down a loan from a bank, but the loan is proxied through SolarCity - SolarCity packaged the loan and sold it as a CDO - collaterized debt obligation - a derivative instrument - to a bank (Mortgage Backed Securities that the FED is printing dollars to buy are CDOs that comprised of real estate mortgages).

Re: Battery back-up determining

solar_dave wrote: »

One thing you might have to look at is that the assets are usually acquired by some other company from the bankruptcy sale. The property being own by a bankrupt company usually ends up in someone else hands.

Yea, Dave, that was exactly what I was saying. Assets are just that, assets. SOMEONE will acquire them, for the value that they represent and the revenue stream. You can bet that for a leased system from a now bankrupt company there will be someone demanding payments unless the system was purchased and paid for before the bankruptcy.

AND, it the case of this system of Ben's, appears that he has paid for it and owns it, but is out the warranty coverage/maintenance and the credits may take some wrangling. At least as I interpret it. Vic