Category Archives: Solar Financing

Articles about the ways to finance a solar installation.

Federal solar tax credit in 2023: complete guide

The investment tax credit (ITC), also known as the federal solar tax credit, allows you to deduct 30 percent of the cost of installing a solar energy system from your federal taxes. The 30 percent tax credit will be available until 2033, at which point it will drop to 26 percent. The ITC applies to both residential and commercial systems, and there is no cap on its value. The average EnergySage Marketplace shopper saves nearly $6,150 on the cost of going solar as a result of the ITC.

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How to claim the solar tax credit (ITC): Form 5695 instructions

If you’re considering solar, you’ve probably heard about the federal solar tax credit, also known as the federal Investment Tax Credit (ITC). If you have a solar system on your property, you’ve probably heard about the federal solar tax credit, also known as the federal Investment Tax Credit (ITC). The ITC makes solar more affordable for homeowners and businesses by granting a dollar-for-dollar tax deduction equal to 30% of the total cost of a solar energy system. There’s plenty of information out there about the value of the ITC, but figuring out how to actually claim the credit when it comes time to file your taxes is another story. In this article, we’ll walk you through the instructions step by step from figuring out if you’re eligible to completing Form 5695 to adding it to Schedule 3 and Form 1040.

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Solar loan re-amortization: an overview

Solar loans have become a popular way to finance solar panel installations. While there are various loan options to consider, the majority of solar loan products offer fixed interest rates, monthly payments, and terms. If you’re looking for a solar loan option that allows you to adjust your monthly payment down the line, you may want to consider re-amortization options.

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Understanding solar loan fees

If you’re looking to finance solar panels for your home, there are a few things you’ll need to be aware of to select the best option for you. A full solar installation can cost anywhere from $17,538 to $23,458 and financing options are widely available. Several factors may impact the cost of your solar loan, including your credit score and current debt-to-income ratio (DTI), the loan’s interest rate, and any solar loan fees.

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Solar loans: what you need to know

Solar panel systems are becoming increasingly affordable, but their $20,498 average cost means that financing is sometimes the best option. If you don’t have–or aren’t willing to spend–the capital for a cash purchase but want to maximize the financial benefits of a solar energy system, the solar loan offers the best of both worlds.

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Purchasing solar panels: tips for buying or leasing

Whether you buy a system or lease it, going solar is one of the best ways you as a homeowner can save on energy bills and use renewable energy to power your home. That said, the financing option you choose influences a number of factors, including the costs, maintenance responsibilities, terms, savings, and the return on investment (ROI) of your solar panel system. Going solar can be an expensive proposition, with the average solar panel installation upfront cost ranging from $17,538 to $23,458 so financing may be the best option for you instead of paying in cash.

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First-time homebuyer? Why solar should be your next big investment

If you just purchased your first home, first of all, congratulations! Buying a home is no small feat and immediately planning your home’s upgrades may feel overwhelming–but we’re here to help! When it comes to solar, we think it’s a great upgrade for first-time homebuyers because solar saves you money in the long run and increases your home value. We’ve laid out some key questions to answer when making the decision to go solar as a first-time homebuyer.

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Q&A with Hometap

There are a few different ways to pay for solar: you can pay with cash, finance solar, or lease your system. When it comes to financing solar, there are also several options including solar loans, home equity loans, and alternative options like Hometap. We sat down with Hometap to learn more about their home equity investment offering that provides another way to pay for various energy-efficient home improvements, including solar panels, heat pumps, and more.

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Alternative ways to pay for solar

Adding solar to your home almost always pays off! However, assuming you purchase your solar system, you’ll have to either provide an upfront cash payment or monthly payments (like if you choose a $0 down loan). While there are several options to finance solar panels for your home, there are a few things you’ll need to be aware of to select the best option for you. In this article, we’ll discuss some alternative solar financing options that you may not know about!

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Solar scams: common scams and how to avoid them

There are many outstanding solar panel installers (as proven by the excellent reviews you can find here on EnergySage!). However, like all industries, solar has some companies that unfortunately take advantage of consumers looking to save money and help the environment. That’s why it’s essential to approach buying solar just like any other major purchase by researching your options, comparing quotes, and vetting the company you use. So, we’re sharing some common solar scams for you to be aware of and tips for avoiding them. (Pro tip: you can use EnergySage to take advantage of the research we’ve already done for you to know you have a trusted installer on your side!)

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