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Vision Solar in Blackwood landed on Inc. 2024 Regionals list in the Northeast division, at No. 105, this month. While this might have been an impressive feat, the firm had already filed for Chapter 7 bankruptcy at the end of last year.
Chapter 7 allows a debtor to liquidate assets in an effort to satisfy creditors. The filing indicates that the company is shutting down and not seeking to reorganize.
According to multiple media reports, Vision Solar faces significant financial challenges. The company has $8 million listed in assets, but its liabilities total $119 million, including $96 million in unsecured claims.
Moreover, Vision Solar has more than 50 legal actions filed against it. Many involve claims of consumer fraud. Lawsuits also allege telemarketing violations, unfair termination of employees and lease disputes.
In July, Vision Solar and a South Jersey telemarketing firm agreed to pay $135,000 to resolve allegations of misconduct by the U.S. Justice Department and Arizona’s attorney general. The complaint highlighted repeated violations of the Do Not Call registry and accused Vision Solar salespeople of using high-pressure sales tactics to convince homeowners — including low-income, disabled and elderly individuals — to purchase or lease solar panel systems.
Additionally, Vision Solar allegedly would fail to obtain the correct permits before installing the panels, leaving homeowners paying for a system that wasn’t connected to the power grid.
Vision Solar’s website is shut down and it has no working contact number.
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