Man says he agrees to go solar, had trouble getting out of deal

CHARLOTTE — Isaac Stinson says it all started at a gas station. He says a man came up to him, a salesman for a solar company, trying to convince him to buy solar panels for this house for $25,000.

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You may be surprised to hear that Stinson agreed.

“I was trying to help him because he said he needed the money,” Stinson said. “He said if he gets the sale, he could pay his rent.”

Stinson told Action 9 attorney Jason Stoogenke the business hooked him up with a solar financing company -- Mosaic -- for a loan. He says -- a few days later -- he had second thoughts, told Mosaic, and thought he got out of the deal, especially because the installer had not started work yet.

But then, Stinson says a bill showed up last month with the first payment due, which was roughly $160.

“I’m a business owner myself, and I do people fair,” he said. “I feel like that I’ve been ripped off. I feel like that, to do that, wasn’t no business thing to do.”

Attorneys general in at least three states have sued Mosaic. Those in Kentucky and Tennessee claim the company broke various consumer protection laws involving disclosures, cancellation requests, and other practices. Minnesota’s AG claims Mosaic promised false low interest rates.

And now, according to its website, the company has filed Chapter 11 bankruptcy for reorganization. They turned loan servicing over to a business called Solar Servicing. The court approved the plan last month.

Borrowers are expected to continue making payments and it looks like Stinson is still on the hook for that.

Have questions for Mosaic? Call 866-493-6367 or email loanservicing@joinmosaic.com.

“I’m worried about that it’s on my credit,” Stinson said. “It’s on my credit. That I owe them, and I don’t have it.”

Action 9 emailed and tried calling the businesses connected to this case. No one responded in time for this report.

Advice about financing solar panels:

You don’t have to use the financing your installer wants you to use. Shop around.
See if your loan comes with a lien against your solar system. This can make it hard to sell your home until you pay off the panels.

Advice about credit issues in general (assuming they’re not tied to identity theft):

Tell the credit reporting agencies where you see the problem.
Do so in writing.
They have 30 days to address it.
If that doesn’t work, file a complaint with the Consumer Financial Protection Bureau.

VIDEO: ‘I feel misguided and misled’: Action 9 investigates solar panel company again