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Earn Up to $13K for Solar When Buying Your Home – Here’s How!
I recently dug into the details of the Hope for Homeownership Research Program. If you’re not familiar with it, this program is designed for FHA homebuyers—and it actually pays you to install solar panels on your new home.
Here’s a quick rundown:
Cash Incentive:
-You receive 3.5% of your home’s purchase price—up to $13,000. This means if your home costs over $371K, you could get the full benefit.
Before Closing Steps:
-Complete two simple requirements:
- A free
solar assessment to ensure your property is a good fit for solar
installation and that the solar cost is less than your expected monthly
utility bills. - A
short online homebuyer education course (about 4–6 hours, with a $149
fee).
How It Works:
-You’re essentially paid to participate in the program, and because the funds are treated as earned income, you can use them however you need—whether that’s for your down payment, closing costs, or just boosting your savings.
-After closing, you install solar panels on your home. The cost is rolled into your FHA loan, so there’s no hefty upfront expense.
Extra Perks:
-You also qualify for a 30% federal clean energy tax credit. For example, on a $30,000 solar installation, that’s about $9,000 back at tax time.
-Plus, homeowners in this program typically save over $200 a month on their utility bills.
This program is a fantastic way to lower your energy costs and reduce your overall home-buying expenses. I’ve made a video that explains it in more detail. Feel free to share your thoughts!
- A free
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2 Replies
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Great informative video, Chad. Thank you for sharing.
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You hit it spot on, Chad. Very clearly explained and watched it twice. You did a phenomenal job with explaining a difficult topic. Appreciate you taking the time and effort, sir.