Bankruptcy hearing held for Pink Energy

CHARLOTTE — Channel 9 has learned about new developments in an ongoing legal battle involving an embattled solar company.

Pink Energy, formerly PowerHome Solar, shut down unexpectedly last month, leaving tens of thousands of customers with nowhere to turn.

Action 9 investigator Jason Stoogenke has been investigating the North Carolina-based company since 2018 and was the only reporter in federal court on Wednesday for a bankruptcy hearing.

Stoogenke spoke with several Pink Energy customers that came to the hearing.

Some say their panels did not work or that they didn’t see the savings the company promised them.

Many of them said they spent tens of thousands of dollars and will have to pay off loans for years to come.

“Probably the worst experience of my life,” said customer Phoenix Riesing. “I really, truly do regret it. If I could turn back time, I would stop myself from ever having signed up for solar.”

According to Stoogenke, customers were upset when they heard in court that some of Pink Energy’s executives, such as CEO Jason Waller, made more than $1 million per year and drove high-end company cars.

Waller blames the company’s downfall on one of its parts suppliers, Generac.

He says a fight with that supplier used Pink Energy’s resources and that the company “bled to death.”

Generac recently told Action 9, “We have already contracted with high-quality third-party providers to perform warranty services on Generac’s products, now that Pink Energy will no longer be providing this service to its customers. We understand that consumers are frustrated with Pink Energy. However, Generac remains committed to our customers. Customers with questions about the Generac components of their solar systems can reach out to solarsupport@generac.com or 1-800-396-1281 for assistance. We ask for your patience as we work to assist customers as quickly as possible.”

Stoogenke asked Waller if he had anything to say to customers that are still having issues with their product. Waller did not have a comment.

Since Pink Energy has closed, the hearing will determine how its assets will be liquidated. Stoogenke says it’s too early to tell if any of the executives’ personal assets will be up for grabs.

Customers will be able to file claims at some point, but not yet.

Pink Energy is suing its parts supplier for more than $1 billion.

Stoogenke asked the Pink Energy executives questions after the proceeding Wednesday, but they wouldn’t comment.

Bottom line:

• Pink Energy is closed. Now it’s all about its assets, liquidating them, and seeing if there’s any money to go around.
• It’s too early to tell if any of the executives’ personal assets will be up for grabs.
• Customers will be able to file claims at some point, but we’re not there yet.
• Pink Energy is suing Generac for more than $1 billion. Waller kept saying that if Pink Energy wins or settles, that money could be everyone’s best bet.

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