Santa Barbara homeowners stuck with liens due to bankrupt solar company.

By Oliver Townsend Jul 2, 2024
Bankrupt Solar Company Leaves Santa Barbara County Homeowners with Liens.jpegOrginal image from: https://www.independent.com/2024/07/02/bankrupt-solar-company-leaves-santa-barbara-county-homeowners-with-liens/

When a solar company goes bankrupt, it can have a ripple effect on homeowners who were part of their programs. The bankruptcy of Electriq Power Inc. has left Santa Barbara County homeowners in a tough spot, with mechanics liens placed on their homes and the promise of discounted electricity rates unfulfilled. This article delves into the impact of this bankruptcy on homeowners like Randy Freed, who are now facing unexpected financial burdens and the threat of foreclosure.

Electriq Power Inc.’s Bankruptcy: The Aftermath

Electriq Power Inc., a solar-power company operating in South Florida, had been installing solar panels and batteries on Santa Barbara rooftops at no cost to homeowners. However, when the company filed for Chapter 7 bankruptcy on May 3, everything came to a halt. One of its subcontractors, Axiom 360, placed mechanics liens on homes where they had done installations, leaving homeowners like Randy Freed in a precarious situation.

Homeowners Caught Off Guard

For homeowners like Randy Freed, who saw the program as an opportunity to help the environment and save on electricity costs, receiving a mechanics lien was a shock. Freed, who relied on the cities’ endorsements of the program, now finds himself facing the possibility of foreclosure due to the actions of the bankrupt company. Cities like Goleta are still evaluating the impact of the bankruptcy, as residents seek answers and solutions to their predicament.

Financial Fallout and Legal Proceedings

The bankruptcy trustee, attorney Robert Furr, is working to recoup assets to pay off Electriq’s creditors, including subcontractors like Axiom. With millions owed and assets to be auctioned off, the fallout of Electriq’s bankruptcy continues to unfold. The timing of the bankruptcy, coupled with changing regulations in the solar industry, has contributed to the financial woes faced by homeowners and subcontractors alike.

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