There is a solar panel company called Lumio that filed for Chapter 11 bankruptcy on September 4th, 2024. If you’re a Lumio customer, you may have questions about warranties, service agreements, and ongoing projects at the top of your mind.
Lumio has been sued in a class action, but you must act by deadlines, or you will lose your right to compensation. In this blog post, we will go into more detail about Lumio’s bankruptcy.
What happened to Lumio?
Since they filed bankruptcy, Lumio plans to sell its assets to one of the largest creditors, White Oak Global Advisors, for $100 million US dollars.
For the current clients using Lumio Solar, they were told that they would continue working during their bankruptcy process. However, this does not mean that they will function the entire time because it depends on the bankruptcy and warranties that could be effective. This is why it is important to take action now if you are a Lumio customer.
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What will happen with your warranty?
One of the main concerns Lumio customers have is their warranties. Usually, a solar panel company will offer 10 to 25 years of coverage for solar panels that aren’t working or defects in the installations.
However, because Lumio filed for bankruptcy, it depends on what their contract says.
SolarFIX Protect can offer the same warranty Lumio provided. After Lumio has been sold, you are responsible for solar repairs if they aren’t handled by Lumio.
If you are worried about your warranty’s status, it is essential to read it carefully and speak with a lawyer who can help you understand.
Will the solar installation be continued or not?
Lumio customers have service contracts for ongoing maintenance of their solar panels. This type of contract could cover regular checkups or repairs. However, this contract might fall through because of the bankruptcy.
However, in these types of cases, Lumio’s potential new ownership will not continue this agreement, so the customer will have to pay out of pocket. Although Lumio may be able to keep operating during the bankruptcy process, customer service will be slower.
A contract for services
Lumio customers currently get continuous maintenance for their solar panels as part of their service agreement. In this case, the solar panels might need to be repaired or ensured to be working properly. It will, however, be at risk due to this bankruptcy.
In some similar situations, when there is new ownership that might not continue this contract, Lumio customers have to use their own money to pay for anything that goes wrong with their solar panels.
You should keep documentation of the Lumio service contract and any payments you made because it could be useful if you need to file a claim against Lumio.
Why do you need to file your claim against Lumio?
It is essential to be aware that there is a deadline for filing a claim for Lumio bankruptcy. Since you have the right to file a claim for the compensation from Lumio. But, with this problem, you have a time frame to file a claim called “bar date”. If you miss the claim deadline, then this will mean that you will lose your right to seek compensation.
For example, if you are dealing with malfunctioning solar or warranty claims, make sure that you address your concerns on the record. This is due to bankruptcy, where Lumio assets are divided between creditors, and clients might be able to be considered creditors if they are owned by Lumio.
How can you file a claim against Lumio:
Step 1: Collect any documents that you have with Lumio. This includes invoices, warranties, and any communications with Lumio, such as emails.
Step 2: Submit your claim form to the bankruptcy courts so that this form can lay out the amount of money that Lumio owes you.
Step 3: Be sure to file your claim before the bar date.
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