Many homeowners choose to get solar panels installed on their property. A popular financing option is to lease or loan the solar equipment from the solar company instead of purchasing and owning it outright. When this is the case, the solar company files a UCC financing statement on the solar panels (known as a Solar UCC), which secures their rights to the equipment on the property. A Solar UCC protects the solar company’s assets and gives them the right to remove the equipment if the terms of the lease or loan are not followed.
A Solar UCC is not a lien on the property. However, because it is an encumbrance on the property title and the solar panels can affect property value but are not owned outright by the property owner, our underwriters do not allow a Solar UCC to remain on the title. As a result, the Solar UCC must either be terminated or subordinated to the new mortgage by the solar company.
We are always here as a resource for you to answer any questions about Solar UCCs or assist in clearing them, and our customer support team can be reached via form, email, or phone.
Faster Closings with Faster Turntimes
At Advocus Title, we know that you want to provide your borrower with the fastest closing experience in the market. That’s why we are committed to reducing our turntimes throughout 2021 to provide you with best-in-class speed to close. To provide transparency and allow you to best manage your closing process, we publish our state-by-state turntimes to an initial title commitment on the GR Intranet. Check out the latest to see how Advocus Title can help improve your speed to close.
