Bank owned foreclosure

[Ampster]

They might decide they lost their security interest, but choose to not cooperate in transferring anything like SREC or SolarEdge monitoring.

I dont know enough about SRECs to answer that. It would seem logical that all the OP would need to do is prove ownership of the system and therefore the power that the system generates. However it is possible the assignment of the SREC might not be affected by the foreclosure and the OP might not be able to claim the SRECs. Worse case the OP would have a free system without the SRECs but all the other generation benefits.

Regarding Solaredge monitoring, worse case, there are several alternatve ways to monitor the system production if for some unknown reason Solaredge does not cooperate.

What happens if the OP just turns off the inverter? Does that do anything incentivize Tesla to be more cooperative, or does would he just shoot themself in the foot by doing this.

Why would the OP do that? He would lose any Net Energy Metering credits for generation. All Tesla would lose is the data.

[ericy]

I dont know enough about SRECs to answer that. It would seem logical that all the OP would need to do is prove ownership of the system and therefore the power that the system generates. However it is possible the assignment of the SREC might not be affected by the foreclosure and the OP might not be able to claim the SRECs. Worse case the OP would have a free system without the SRECs but all the other generation benefits.

I went through the transfer process for the SREC contract when we bought our house. There were 4 different forms - some of which needed to be signed by buyer and seller, and then it took a good 6 months to work its way through several opaque bureaucracies. Trying to do a transfer with a non-cooperative system owner seems like it would be a lot harder.

Regarding Solaredge monitoring, worse case, there are several alternatve ways to monitor the system production if for some unknown reason Solaredge does not cooperate.

Why would the OP do that? He would lose any Net Energy Metering credits for generation. All Tesla would lose is the data.

Tesla would lose the SRECs. And isn't it the case that there might be a penalty if they fail to meet their minimums?

[Ampster]

I went through the transfer process for the SREC contract when we bought our house. There were 4 different forms - some of which needed to be signed by buyer and seller, and then it took a good 6 months to work its way through several opaque bureaucracies. Trying to do a transfer with a non-cooperative system owner seems like it would be a lot harder.



Tesla would lose the SRECs. And isn't it the case that there might be a penalty if they fail to meet their minimums?

No doubt the SREC transfer process is complicated. Assuming Tesla has involuntarily lost their security interest in the PV system, the OP can decide how much the SRECs are worth, compare that to the hassle of getting them, and decide how much he wants to pay for Tesla's cooperation.
Again, assuming Tesla was wiped out in the foreclosure, they have more than SREC minimums to worry about. They or their PPA lendor/investor is also looking at recapture of accelerated depreciation and possibly also losing all or part he Iinvestment Tax Credit that they took in 2016. I am not sure Tesla yet understands that unless the Title Company has contacted them.

[John_Dumke]

Not much of an update, but I have left 2 messages and emailed my contact with the title company (along with numerous calls without messages) and haven't heard anything back, which is frustrating.

My suggestion would be to call your Real Estate agent to see if they can get a little bit of leverage.

[john phillips]

You are mixing how NET metering works, how regulated utilities work and tossing in SREC markets.

The utilities are not required to buy SRECs, they can do their own installs just like many other utilities have decided to do. They make a value decision on if they should buy SREC or build their own systems.
The state makes policy based on their goals of increasing solar adoption and how they want to go about that.
They could have done as OH or PA have done and opened the market which would drastically drop the rates, or kept it closed like DC which keeps the rates high in a tight market. The annual sell prices are set yes but it is based on the closed market.

Utilities can guy or build and that is always a cost analysis decision not unlike those made by almost all other utilities in the nation.

The rates are set for regulated (publicly traded ) utilities by the PUC just like regulated utilities in almost all states.

Your utility may not be buying your SREC but some utility is and their customer is helping to pay for your system.

[john phillips]

No doubt the SREC transfer process is complicated. Assuming Tesla has involuntarily lost their security interest in the PV system, the OP can decide how much the SRECs are worth, compare that to the hassle of getting them, and decide how much he wants to pay for Tesla's cooperation.
Again, assuming Tesla was wiped out in the foreclosure, they have more than SREC minimums to worry about. They or their PPA lender/investor is also looking at recapture of accelerated depreciation and possibly also losing all or part he Investment Tax Credit that they took in 2016. I am not sure Tesla yet understands that unless the Title Company has contacted them.

You may be able to replace the inverter so you could register your system. It is very easy to plug a cat 5 wire into the new inverter and then the other end into your router. The problem would be to run the cable between the two. Then you need an account set up for the new inverter. .

[ButchDeal]

You may be able to replace the inverter so you could register your system. It is very easy to plug a cat 5 wire into the new inverter and then the other end into your router. The problem would be to run the cable between the two. Then you need an account set up for the new inverter. .

Op does not need a new inverter to do thus but does need to disconnect the serial port to the inverter from the existing monitor system as others have stated.
OP wants to take possession including SRECs and new equipment can complicate that.

[peakbagger]

The OP may get real lucky but SRECs are tracked via a NEPOOL GIS number. Messing with the means of communication of generation may deny the registered owner of the SRECs from getting SRECs they can sell, but unless the GIS account registration is swapped to the new owner , the new owner is not going to have SRECs issued in their name and therefore will not be able to sell them.

[HoodOffGrid]

Unless they have some type of court order of repossession, how are they going to take the panels off your home? I would not worry about it, waste time, or money thinking about it. Just tell them no....


Regards.

[john phillips]

Has the title company come back with how they are going to protect your property? Until then sleep well.

[Ampster]

Has the title company come back with how they are going to protect your property?

My experience with title company's suggest two scenerios. One they will correspond with Tesla, prove to Tesla that the security interest in the panels has been lost. Based on that Tesla will walk away. If not, they will litigate or settle at no expense to the current owner.
Two, if they determine that the foreclosure did not eliminate the security interest, or they lose in litigation, then they will have to compensate the current owner for damages according to the title policy.
We still dst't know the outcome of the title company research about the effectiveness of the foreclosure. We also don't know about about any fine print limitations. My father was a Title Officer before WW2 and he always said that in any contract, the big print giveth and the little print taketh away.

[Ampster]

Unless they have some type of court order of repossession, how are they going to take the panels off your home? I would not worry about it, waste time, or money thinking about it....
.

Yes, Tesla will presumably have to battle with the title compny first, then if they are successful they will have to enforce their rights of possession by court order. It is a long and tedious process for them.

[Ampster]

I know you would like closure but these things take time. Title insurance insures against past events affecting your title. Claims take a while to resolve because of the research needed. Unlike life insurance where a simple death certificate usually satisfys the insurance company that a "policy event" has ocured.

[Ampster]

Update: The title company received the foreclosure documents and tesla was notified of the foreclosure .......

That is great news. Unless there is something different in MA law or title policies you should see this resolved as soon as they inform Tesla.

[inetdog]

That is great news. Unless there is something different in MA law or title policies you should see this resolved as soon as they inform Tesla.

The only interesting point of contention is that with a PPA instead of a lease or installment purchase, they have an outright ownership interest in the system rather than a lien against it. Probably they could have removed it during the foreclosure without hindrance, but not enforced the provisions of the PPA. The presumption that anything attached to the house goes with it at a sale does not necessarily apply to things owned by other parties.
I cannot see any way they can enforce the PPA though.