PLEASANT GROVE, Utah – Residence photo voltaic panels are having fun with their day within the solar. A current Pew Analysis Middle survey discovered almost half of house owners have given severe thought to including solar energy up to now yr.
One possibility is to purchase the photo voltaic panels outright, however the common system can value between $15,000 and $25,000.
Because of this, many individuals lease their rooftop panels as a substitute. That might trigger large complications if you wish to get a loan and even promote your own home.
Michele Templeman put in 16 panels on her Nice Grove residence’s rooftop about 5 years in the past. She stated they knock about $100 off her month-to-month energy invoice, however there’s a snag — and it’s an enormous one.
“I discovered about a week ago that they had put a lien on my house without telling me,” Templeman advised KSL.
A lien principally tells the world you owe some cash. This discover stopped Michelle from utilizing her residence as collateral on a line of credit score.
“There is no amount attached to it. It’s very vague,” Templeman stated. “So the bank doesn’t want to go forward until it is resolved.”
Templeman stated she known as her photo voltaic firm, Vivint Photo voltaic, and so they advised her it’s not a lien, it’s an announcement.
Technically, it’s known as a Common Business Code-1 (UCC-1) monetary assertion and plenty of photo voltaic corporations use these if you lease panels, as Templeman did.
Technically it’s not a lien on your home, however it certain can act like one as a result of it turns up in any title search in your property saying this firm has a monetary stake on these rooftop panels.
You’ll be able to name Vivint Photo voltaic to get that UCC-1 submitting quickly lifted if you’re refinancing or utilizing your own home as collateral.
Templeman stated she tried doing that, repeatedly.
“I asked to speak to a supervisor several times. The supervisor was not available and the supervisors never called me back,” she defined.
That’s when she determined to get ahold of the KSL Investigators and this time, we contacted Vivint Photo voltaic.
Lastly, they lifted the UCC-1 submitting and Templeman obtained that line of credit score from her bank.
Once more, it’s solely short-term. That submitting goes proper again on her property.
There’s going to be one other main snag if she decides to promote her residence earlier than her contract ends.
She’ll have to discover a purchaser who’s keen to take over her photo voltaic panel lease. If she will be able to’t discover one, she’ll have to purchase out her contract with Vivint Photo voltaic.