How to Finance Residential Solar
- 1). Conduct a search for federal incentives using the Database of State Incentives for Renewables and Efficiency. For residential solar this includes the Internal Revenue Service's Residential Renewable Energy Tax Credit and the Energy-Efficient Mortgages program offered through the Federal Housing Authority and Department of Veterans Affairs. Obtain, complete and submit the forms for these programs.
- 2). Search DSIRE for financial incentives offered in the state in which the property resides. Depending on the state, this may include tax credits, rebates, loans or grants. Forms and application procedures vary state to state so, obtain the appropriate forms online, complete and submit them to the offering agency or utility.
- 3). Apply for a private bank loan or use savings to meet other costs. Like other home improvements, moving to solar power requires an investment by the homeowner. The Department of Housing and Urban Development recommends contacting your bank or lender about a Title I Property Improvement loan. This type of loan doesn't require security for loans of $7,500 or less and is available throughout the U.S.
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