Utahns are lucky because they have many choices regarding financing arrangements for owning, co-owning, or purchasing their solar panels.
For one, you can look for a remote solar farm and ask to purchase energy via a shared solar scheme. This is ideal for those who can’t install solar panels at home.
You can also avail of Power Purchase Agreements or leases. These models pertain to third-party ownership. You will have solar panels installed on your roof, but you don’t own them. They are owned by a solar developer responsible for their maintenance. You pay the owner monthly fees so they can give you access to the solar panels.
However, it’s still best to have your own solar panels installed. Here are the financing terms you can look into so it would be easier to pay for the upfront cost of the project:
You can use your FHA Title 1 to finance home improvements and repairs. This financing option is specifically called Home Improvement Loans.
If you want a low-interest loan, you can consider getting a HELOC or Home Equity Line of Credit.
You can also finance the solar installation via personal credit or line.
Look into the available mortgages, depending on your location and the availability of this financing option.
3. Traditional financing
You can always use a home equity line of credit, the traditional option. However, study the terms closely as they vary depending on the financial institution.
If this is not something you want to avail, you can always look at your options for loans or mortgages. Most likely, they would have options they specifically offer to finance any solar-related projects.
If you know of any other financing programs available in Utah for those interested in having solar energy installed, let us know. Contact us with the information, so we can share it with those interested in the schemes.