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Financing Solar Power
If you’re interested in taking advantage of solar power federal tax deductions, you may be able to take out a mortgage loan to help offset solar system purchasing and installation costs. There are many energy efficiency mortgages that can be applied to both solar photovoltaic and solar hot water systems. Your mortgage lender should be able to give you more information about FHA or VA energy mortgages. Through an ENERGY STAR program, Fannie Mae and the EPA are both able to offer home loans. Financial institutions are developing more products to assist with solar energy financing.
Fannie Mae now provides home loans (up to $15,000 with a 10-year term) for solar water and solar electricity systems. Through the ENERGY STAR program, the US Environmental Protection Agency is also able to offer home loans for heating systems and solar photovoltaic systems that exceed energy efficiency standards (by at least 30%).
A consumer guide for solar energy systems and financing is published by the US Department of Energy. The guide also provides resources for financing solar power systems on a residential level.
If you are not eligible for a renewable energy mortgage, you may be able to take a home equity loan. This is due to the fact that installing a solar energy system is comparable to any addition or upgrade you may install in your home, such as a kitchen or bathroom renovation.
