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Solar financing options in 2023

Written by Lisa Iscrupe /

Edited by Hannah Hillson

Last updated 07/17/2023

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Key Points

  • Solar energy financing options include loans or lease agreements. You can also pay with cash.
  • With solar loan programs, consider the gross cost, not just the monthly fee, to determine the overall expense.
  • Only cash and solar loans are eligible for tax incentives and rebates. Homeowners are not eligible for the Residential Clean Energy Credit with solar lease options.

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Solar financing FAQs

  • Solar financing is borrowing money to pay for solar panel installation. Borrowing can be done via a solar loan or a solar lease. Solar PPAs are also a type of lease for acquiring home solar panels. 

  • Solar financing works in two ways. One financing method is borrowing money from a financial institution or lender for a solar loan. Loan agreements vary by term length and interest rate. Another financing method is a solar lease, which involves paying a monthly fee for the solar energy system without borrowing money. 

  • Solar financing is worth it for people who want to use solar energy without making an upfront cash payment.   

  • According to ATMOS, solar loans can be refinanced with a “HELOC, Cash-Out, and a home renovation mortgage. The best one for you depends on several factors, including the amount of equity you have in your property, your current mortgage rate, and your personal financial goals and needs.”

  • A solar loan can be transferable if it is part of the loan agreement. Ensure that a solar loan has a transferable option in the solar contract if you plan on selling your home. Transferring a solar loan may require an additional contract to which the new home buyer must agree. 

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