Hello, solar enthusiasts! I’m sure we’ve all heard the news by now about Titan Solar Power, which was once one of the eminent solar companies in the nation, sadly closing its doors. As someone who’s been deeply involved in the solar industry, I’d like to share my perspective on what happened, why it’s significant, and what it means for homeowners considering solar panels for their home.
Titan Solar Power was an Arizona-based solar company founded in 2013, renowned for its rapid growth achieved through a unique business model. This novel approach involved a Solar Dealer program, where third-party sales organizations sold Titan services, and Titan primarily handled installations. The model was quite successful for a while and led to tens of thousands of solar array for home installations across 16 states.
However, a crucial setback with this model was that there was often a communication gap between the company and its customers due to the involvement of third-party dealers. The repercussions of this disconnect ranged from inconsistent service experiences to, in some cases, aggressive sales tactics and system overselling. The sales dealers prioritized boosting their earning potential, which sometimes resulted in unrealistic sales promises.
When these sales promises did not align with the installation realities, it strained Titan’s resources and customer relations. As the economic landscape changed, marked by increased borrowing costs and stringent policies, the financial stress on both Titan and its dealers escalated. This unfortunate dynamic led to a series of operational inefficiencies and cash flow problems, ultimately leaving the company no option but to halt operations.
The fallout from Titan’s closure is being felt most acutely by the customers, who now find their 25-year workmanship warranty void. However, all is not lost. Solar Insure, a leading residential solar insurance provider, offers a program called Solar Detect – designed to assist homeowners abandoned by a bankrupt solar contractor with long-term maintenance service contracts.
This situation serves to remind us of the volatility that can exist within the solar industry. It’s also a timely reminder for those considering solar panels for their homes to thoroughly vet the solar company you plan to deal with and have a clear understanding of the company’s policies and warranty provisions.
When done right, installing a solar array for home can still be a powerful and effective way to tap into renewable energy, reduce your carbon footprint, and decrease energy costs. In the face of this setback, let’s continue to champion the importance of adopting solar power, sustaining the future of this beneficial industry.
Original Articlehttps://pv-magazine-usa.com/2024/06/17/titan-solar-latest-in-residential-solar-business-closures/
