What Happens If I Stop Paying My Solar Loan
If you stop paying your solar loan, several consequences may occur, including: Damage to Credit Score : Non-payment of a loan can result in late fees, default status, and ultimately, a negative impact on your credit score. A lower credit score can affect your ability to secure future loans or lines of credit and may result in higher interest rates on future borrowing. Legal Action : If you default on your solar loan, the lender may pursue legal action to recover the outstanding debt. This could involve the lender taking you to court to obtain a judgment against you, which could result in wage garnishment or seizure of assets to satisfy the debt. Loss of Solar Equipment : Depending on the terms of your loan agreement, failure to make payments could result in the lender repossessing the solar equipment installed on your property. This could leave you without access to the benefits of solar energy and could incur additional costs for removal or replacement of the equipment. Collecti...