Commentary: Vivint Solar, Inc. (NYSE: VSLR), a leading full-service residential solar provider, today issued the following statement regarding the New Mexico attorney general’s office’s recent press release:
Yesterday, the New Mexico attorney general's office issued a press release announcing the filing of a lawsuit against Vivint Solar. While Vivint Solar does not generally comment on pending litigation, consumers in the state of New Mexico and elsewhere have been misled by statements issued by the New Mexico attorney general's office in connection with the lawsuit.
Much of the interest in this lawsuit has been driven by this press release that not only misrepresents Vivint Solar's dealings with consumers in the state, but also does not accurately describe the attorney general's own allegations in the disputed lawsuit. It was also issued before the lawsuit was filed, giving Vivint Solar little opportunity to respond.
Vivint Solar will address the attorney general’s incorrect allegations in the courts. In the meantime, Vivint Solar customers are entitled to accurate information about Vivint Solar's business.
To be clear, Vivint Solar does not, has not, will not and cannot ever jeopardize its customers' home ownership. Vivint Solar does not take a lien on its customers’ homes under its Power Purchase Agreements (PPAs) or Solar System Lease Agreements. A PPA is commonly used throughout the residential solar industry as a means of providing consumers with access to clean, affordable energy with no upfront investment by the customer; in exchange, the customer agrees to pay for all energy produced by the solar energy system.
Vivint Solar’s PPA relationships with New Mexico customers and throughout the country are no different. Under a PPA, Vivint Solar designs, purchases equipment for and installs a solar energy system on the customer's home at no initial cost to the customer. Our customers
The attorney general's office is well aware of this fact, and the press release headline that Vivint Solar is "jeopardizing home ownership" for customers is misleading and is not even an allegation in the lawsuit.
In the event that customers with a PPA refinance or sell their homes, Vivint Solar regularly works with customers and their financial institutions to make sure that there is no confusion about the scope of Vivint Solar's interest. We care about our customers, and the last thing we want to do is impede a customer's refinancing or sale of their property.
Vivint Solar is proud to provide affordable, renewable energy to its customers in New Mexico. We are also proud to employ over 50 employees in the state, from installation teams and electricians to our sales representatives. We work hard to do business the right way, and we will not allow our customers to be misled about our business.
We look forward to defending ourselves in the court action.
About Vivint Solar
Vivint Solar is a leading full-service residential solar provider in the United States. With Vivint Solar, customers can power their homes with clean, renewable energy and typically achieve significant financial savings over time. Offering integrated residential solar solutions for the entire customer lifecycle, Vivint Solar designs and installs the solar energy systems for its customers, and offers monitoring and maintenance services. In addition to being able to purchase a solar energy system outright, customers may benefit from Vivint Solar's affordable, flexible financing options, power purchase agreements, or lease agreements, where available. Through an exclusive collaboration, Vivint Solar also offers solar plus storage systems with Mercedes-Benz Energy home batteries. For more information, visit www.vivintsolar.com or follow @VivintSolar on Twitter.
