Traditional Mortgage vs. Lowtility
Same size house with a 660 credit score.
$350k + 20k (solar)
4.25% (4.482 apr)
3.75% (4.265 apr)
rates subject to change and can vary by customer, ltv, dti, Credit
Mortgage (PI) Payment
(saves customers $86/mo.
from month one)
Total Monthly Expense
Mortgage Payment (PI) + Utility Bill
$7,600 Fed: $6,000 + Utah: $1600
Additional Benefits of Lowtility:
- Customer owns solar. No extra liens or payments.
- Including solar financing in the mortgage essentially means that the power bill payment is now helping pay down the mortgage. How? When solar is included in the mortgage, the interest and payments go to the mortgage instead of the power company.