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What is the solar investment tax credit?
The solar investment tax credit (ITC) is a government incentive that allows you to directly reduce the taxes you owe. The federal tax credit is for up to 26% of the cost of your solar system. That means, if you invest in a $100,000 solar system, you may be able to reduce the taxes you owe up to $26,000. Learn more about the ITC here.
How does the solar investment tax credit get applied to my loan with CommonBond?
Your initial monthly payment with CommonBond assumes you apply the full amount of the ITC as a principal payment within 18 months of the solar installation. You must apply the ITC to your loan once you receive it, to prevent your monthly payment from increasing.
CommonBond does not offer tax advice. Contact a tax advisor to determine if you may qualify for the ITC.
How do I make a payment?
Once your solar panels are installed, our servicing partner, Scratch, will reach out to you! Your first payment is due 60 days from your installation. Head to Scratch.Fi to set up your online account and monitor your loan balance.
Are there prepayment penalties?
There are no prepayment penalties! Paying off your loan early is a great way to save on interest.
What if I want to sell my home?
Once you sell your home, your solar loan becomes payable in full. The loan does not transfer to the new homeowner.
Can I apply with a co-borrower?
At this time we only allow one borrower, the homeowner, to apply for a CommonBond solar loan.
What are the minimum and maximum loan amounts?
The minimum loan amount is $15,000 and the maximum is $125,000. Each homeowner’s maximum loan amount can differ based on credit approval.
Do you take household income or allow co-borrowing?
No, we only accept the individual income of the borrower. At the moment, we do not allow co-borrowing.
What is your price per watt limit?
The price per watt limit is $5.50 for solar-only installations. The limit increases to $7.00 per watt if the cost includes other projects necessary to install the solar system, like roofing or electrical upgrades.