Credit card purchase protection

hpsauce_2

Hi and thanks for any help.

I am in the process of getting solar panels and was just wondering about the credit card protection due to the change in Fits rates which could mean alot of solar companies go bust, although the company I am using seem very reputiable you never know for sure.

I was thinking of paying the deposit on the credit card (have money to pay it straight off) and thinking if the company go bust before the 20 year guarantee on the panels and inverter is up I will be covered by the credit card company for any costs under the guarantee, can anyone confirm if this is the case please?

thanks

thenudeone

You will have some protection if the supplier goes bust http://www.moneysavingexpert.com/shopping/section75-protect-your-purchases even if you only pay £1 on the credit card; but in most cases the limit for civil claims is 6 years, so I don't think you would be able to make a s75 claim after that period.

In any case, the manufacturer usually backs the guarantees, not the installer, so as long as they are still in business you should be okay. The value of a panel guarantee is limited anyway, because the customer usually has to pay for removal, shipping, and testing. In 15 years time I expect panel costs to have dropped and it may be easier just to put a new panel up.

It's a bit of a legal spiderweb and there's no doubt it would be better if the installer was still around at the time to help.

hpsauce_2

Thanks for the fast reply I'm much obliged, missed the 6 year limit but also hoping no problems just though I would ask as I wasn't going to originally pay for any of it on the card but extra free protection never hurts.

DocProc

I don't think this will be your main problem.

Just ask yourself if your Electricity provider will really want to sign you up at 43.3p per unit, when he can sign you up for 21p per unit by waiting to do it until after 12th December.

Not a lot of people are realising this, I feel, and don't realise adequately that the final certification is not done by the installer.

I do hope I am wrong about this and have got the wrong end of the stick on it.

I also hope I am wrong in my feelings 'that the bottom has just dropped out of the solar panel industry' and that, as a consequence, loads of solar panel firms will not now go bust or into liquidation, taking with them with loads of punters' deposits and causing loads of employees to lose their jobs, etc, etc.