There are a number of financing options available that can be used to lower or eliminate the initial up-front cost of going solar. When considering financing, whether through one of the options described below or a third party, always review all terms and conditions and consider how the loan will be secured (for example, by the solar panels and equipment, by equity in your home, or by something else). Always consult a tax professional if you are considering financing.
For more information, answers to commons questions, and a list of solar financiers doing business in Utah, additional information is available from Energy Sage.
Option 1: Installer Financing
The selected installer, Auric Energy, is offering loans from multiple lenders including Dividend, Mosaic, Sunlight, Loanpal, Enium, and CCS. Consultants from Auric can help you review options ranging from equity lines of credit to solar-specific financing and help you find the best fit for your needs. Through solar-specific financing, you may be able to qualify for a loan with lower credit scores or lower income and receive rates below 5% and as low as 2.99% with no upfront cost, not including applicable origination fees. Through this type of financing you may be able to secure payment terms similar to what you’re already paying on your power bill. For example, if you’re paying $100 a month on average to the utility company, you may be able to have a payment close to $100 per month. Energy consultants from Auric Energy will disclose all costs and terms associated with solar-specific financing, including all applicable rates and origination fees.
Option 2: Home Equity Line of Credit
Home Equity Lines of Credit (HELOCs) can sometimes provide participants who have a good credit score with a lower interest rate (5% or less). HELOCs are secured by the equity of your home, and not the solar panels, which is important to consider if you plan on selling your home before the loan is fully paid back.
Option 3: Solar-Specific Financing
Some banks and credit unions provide solar-specific financing; a selection of options doing business in Utah in provided below.