UTAH ENERGY HUB

Solar made simple.

Financing

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.

Financing Options

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.

Community Partner

DISCLAIMER: Eligible homeowners who desire to participate in the Summit Community Power Works (SCPW) Solar Program will work directly with the selected installer to get a bid based on the size, location and energy use of their home. Homeowners who decide to install solar will contract directly with the installer – SCPW and Utah Clean Energy (UCE) will not be a party to the contract – and the panels will be installed on a first-come, first-served basis. Participating homeowners are solely responsible for negotiating and agreeing upon the terms of the contracts and related payment and financing arrangements. SCPW and UCE are not in a position to make, and do not make, any representations or guarantees about the installer or their work. Participating homeowners need to do their own due diligence and be satisfied that the installer can and will provide the homeowner with what the homeowner needs and expects. As a condition of participation in the SCPW Solar Program, and acknowledging SCPW and UCE’s role as facilitators of the discount Program, all participating homeowners agree to release SCPW and UCE from, and agree that SCPW and UCE will not have any responsibility or liability for: (i) the work performed by an Installer, (ii) any payment or financing related to such work, and (iii) any claim that may arise in connection with any of the contracts between a homeowner and the installer.

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The recently approved Inflation Reduction Act has made some information on this website outdated. We are working to update ASAP. In the meantime, please consult a tax expert on all incentives and rebates listed.