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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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4 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.
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Doing some research on whether to install solar panels, buy a mobile solar generator, or buy and have an electrician install a whole-house fixed power generator. What are the pros and cons of each choice, and how much will each type of generator system cost?
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Good morning, Tom. Hope you and Lisa are doing great. I ran into Julio and Javier, who were installing a pole building in Antioch the other day, and they told me they were busy with a lot of renovation. Evaluating whether to buy a mobile solar generator, install solar panels, or get a whole-house fixed power generator entails considering each option’s unique advantages, drawbacks, and costs, all of which are significant. Priorities such as budget, location, reliability, sustainability, or even energy needs determine the best course of action. In the following segments, I will outline the anticipated costs, pros, and cons, guided by trends and insights <strong style=”font-family: inherit; font-size: inherit;”>until May 2025. I will use a direct text format so that the reader can consume all the information without any distractions and make an informed choice.
Solar panels convert renewable energy into electricity on a home’s rooftop. With battery storage integrated for backup or nighttime usage, solar has become one of the most affordable forms of energy. This enables lower reliance on fossil fuels while reducing carbon emissions, rendering it eco-friendly. Not only do solar panels lower electricity expenses anywhere between $31,000 and $100,000 over their lifetime, but they also lead to substantial savings in states with expensive energy sources. Moreover, installation credits from the federal government covering 30% of the cost, alongside state rebates and net metering programs, further add to the financial advantages of solar. Property value is equally enhanced by almost 6.8%, with the total value of a home increasing by $10,000 – $30,000. Although solar panels and lithium cathode (LiFePO4) batteries need oversight, minimal maintenance, and noise-free operation, they greatly mitigate solar-powered systems’ tax pollution. On the contrary, solar panel systems have downsides such as upfront pricing and a lack of infrastructure. Before incentives, an 11 kW system cost $30,000 while sitting at $20,552 post federal tax credits. Prices differ per state, with California’s sunnier regions priced at $2.56/W compared to colder states such as West Virginia. Adding on battery storage, a Tesla Powerwall or Generac PWRcell raises the figure by an additional $9,000 – $20,000.
The scope of the work includes labor, the solar installation and mounting equipment, the inverters, wiring, permits, and connection to the grid, which is approximately 8% of the total amount. The availability of sunlight determines the amount of electricity produced by the system. Therefore, cloudiness, sickness, or nighttime require batteries or grid backup, and some roofs may be unsuitable because of orientation, shading, or structural problems. The complexity of the work increases with professional installation from certified electricians for permitting, and batteries are capped at a specific storage limit, which might not sustain high-demand devices such as refrigerators for days on end during prolonged outages. Although maintenance costs are low, inverters have a projected lifespan of 10–15 years, increasing costs by $2,000 to $5,000.
Portable solar generators are compact power stations linked to foldable solar panels. They are ideal for RVs, camping, or a small backup power source. Their lightweight design makes them easier to transport and ideal for the outdoors, meeting temporary power needs. Similar to rooftop solar, mobile solar generators have environmental benefits because they harness clean energy systems and incur low operating costs owing to no emissions or noise. Furthermore, their maintenance needs are limited due to the absence of moving components. Charging phones, laptops, and small appliances is simpler due to the versatility provided by USB, AC, and DC outlets. These generators are portable and, for limited power needs, more cost-effective than traditional systems, priced between $300 and $5,000, with an average of $2,000. For instance, EcoFlow RIVER 2 Max with a 160W panel is priced at $600, and Fossibot F3600 Pro with a 420W panel is around $3099. Nevertheless, portable solar generators’ capacity is consistent, ranging from 0.5 to 3.8 kWh. Depending on the unit, they also offer slower charging times of 2 to 8 hours, are less effective in cloudy conditions, and rely on sunlight for their overall effectiveness.
Used regularly, lithium-ion batteries only last 5-10 years, shorter than the duration of fixed solar batteries, and these systems are not expandable to meet larger power demands. Additionally, expansion batteries or extra panels are priced at $500 to $2,000. After 500 to 1,000 cycles, the battery replacement costs between $200 and $1,000. While uncommon, directly tying into a household circuit panel could require an electrician, costing an extra $500 to $1,000.
Fixed whole-house power generators have reliable, high-capacity backup power. Used primarily with natural gas, propane, or diesel, these generators produce 10-24 kW, which is ample for powering an entire house, even with heavy-use appliances such as HVACs and refrigerators. They also have the advantage of being functional in any weather.
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