Why are so many of these solar executives formerly subprime mortgage brokers…?
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(2) If you read the report on $RUN, you will understand the(tax)game being played in this space. It’s the overvaluation of the leased systems by appraisers, for higher tax credits for the tax equity buyers. Remember the role RE appraisers played pre-GFC.
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(3) The Proof? Compare the valuation for tax credit purposes that $RUN (and others) claim for leased systems, vs the sale price for customers that purchase the systems outright. They should be the same.
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Are you saying this is the GFC all over again? Only, this time, solar systems are being inflated by appraisers (many of whom the solar companies use are currently being sued) to get more tax dollars for unassuming homeowners/taxpayers? justice.gov/usao-edca/pr/d
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I am saying that I would not like to be writing insurance on the appraisers/sponsors of these deals. And would worry if I was a “tax equity” buyer claiming big tax credits based on these inflated appraisals. If the IRS wakes-up to this game, look out. $RUN
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Pondering this dynamic recently looking at some listings with solar installs.
Situation looks tame now as most sellers are sitting on a nice chunk of equity.
Could get more problematic if the housing market corrects and sellers need to pay off inflated solar installs too.
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