Residential Solar Installer & Financier
Appears in 2 stories
Major residential solar provider that collapsed under $8.5B debt, laying off 55% of workforce. - Filed Chapter 11 bankruptcy June 2025
America's residential solar industry continues bleeding out. Over 100 companies filed for bankruptcy or shut down in the past two years—including giants like SunPower and Sunnova, and most recently PosiGen in November 2025—wiped out by interest rate spikes, California's gutting of rooftop solar incentives, and Chinese manufacturers flooding the market with panels at 40% below US production costs. The carnage left 17,000+ workers jobless and thousands of homeowners stuck with orphaned systems. Nearly a month after Otovo's January 8 entry into California, analysts' projections of 13-25% residential installation drops in 2026 appear on track as the customer-owned solar tax credit expired at the end of 2025.
Updated Feb 6
One of America's largest residential solar financiers before accumulating $8.5 billion in debt. - Filed Chapter 11 bankruptcy June 2025
The 30% federal residential solar tax credit died at midnight on December 31, 2025. For twenty years, Section 25D let homeowners slash $9,000 off a typical $30,000 solar installation. The Inflation Reduction Act had extended it through 2032. Then Trump's 'One Big Beautiful Bill' accelerated the sunset by seven years, sparking a desperate year-end rush as installers sold out months in advance and homeowners scrambled to beat the deadline.
Updated Jan 15
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