Bill > HR4489

This bill aims to increase transparency in solar energy financing by amending the Truth in Lending Act to require creditors to provide more detailed disclosures about fees and costs associated with solar financing transactions. The legislation addresses concerns that consumers are often unaware of hidden dealer fees when financing solar energy systems, which can include solar panels, battery storage systems, and electric vehicle charging stations. Under the bill, creditors must now clearly and conspicuously disclose in writing any fees charged to third parties, fees imposed directly or indirectly that are payable by the consumer, the identification of transaction parties, and a comprehensive comparison between the financed amount and the total cash price for products and services, including infrastructure, labor, maintenance, and repair costs. For in-person transactions, creditors must provide these disclosures on paper, and the bill also prohibits mandatory arbitration clauses in solar financing agreements. The legislation seeks to protect consumers by ensuring they have a clear understanding of the true cost of solar energy system financing, addressing previous practices that potentially obscured the full financial implications of these transactions. The bill will take effect within 60 days of enactment and apply to solar financing transactions initiated on or after that date.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/4489/all-info