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A clear, complete explanation of every step in the Propel solar financing process — from initial qualification through 25 years of ownership. No jargon, no sales pitch, just how it actually works.
Quick Answer
Propel solar works in 8 steps: (1) Qualify with 660+ FICO in ME or TX, (2) Get a custom system design with Silfab 440W panels, (3) Concert Finance originates a 25-year loan at 7.79-9.79% APR, (4) A third-party owner takes title and claims the 30% Section 48E ITC, (5) System is installed on your roof, (6) Years 1-5 you pay fixed monthly with 85% performance guarantee and free maintenance, (7) Year 5 ownership transfers automatically via the Early Buyout Option, (8) Years 5-25 you own the system outright. $0 down, no dealer fees, no escalator.
From your first inquiry to 25 years of ownership — here is exactly what happens at each stage.
The first step is confirming you meet the basic requirements. You need a FICO score of 660 or higher (TransUnion), a single-family home or multi-unit property (up to 4 units) in Maine or Texas, and a loan need between $10,001 and $135,000. The initial credit check is a soft inquiry that will not affect your credit score.
NuWatt designs a custom solar system for your home using Silfab 440W FEOC-compliant panels. We analyze your roof orientation, shading, electricity usage, and utility rate to optimize system size. You receive a detailed proposal showing system size, estimated production, monthly payment by credit tier, and 25-year savings projection.
Once you accept the proposal, Concert Finance processes the full loan application. This is where the hard credit inquiry occurs. The loan is originated by Medallion Bank (Member FDIC) with 0% dealer fees, no prepayment penalty, and a 25-year term. Your APR is locked based on your credit tier: 7.79% (excellent), 8.79% (very good), 8.99% (standard), or 9.79% (good). An additional 0.50% discount applies for ACH auto-payments.
This is the step that makes Propel unique. A third-party business entity takes legal title to the solar system. This entity is the "owner" for federal tax purposes, which allows it to claim the Section 48/48E commercial Investment Tax Credit (30% base). Because the system uses FEOC-compliant Silfab panels, an additional 10% domestic content bonus may apply. If your property is in an energy community census tract, another 10% bonus is possible — up to 50% total ITC.
NuWatt installs the solar system on your roof. Installation typically takes 1-3 days depending on system size. We handle all permitting, utility interconnection paperwork, and inspections. Once the utility approves interconnection, your system goes live. Your first monthly payment begins after activation. From day one, you start offsetting your electric bill with solar production.
During the managed phase, the third-party owner holds title and provides a performance guarantee (85% of estimated kWh annually), free maintenance, and system monitoring. You pay one fixed monthly amount to Concert Finance — no escalator, no surprises. The loan includes three reamortization dates (after payments 12, 24, and 36) that can lower your payment if you make extra principal payments.
At month 60, the Early Buyout Option (EBO) is exercised automatically by Concert Finance. No additional paperwork, no extra payment, no negotiation. The pre-set buyout price was established at loan origination and built into your monthly payments. Legal title transfers from the third-party owner to you. The solar system is now your asset — it adds value to your home, you can modify it, and you keep 100% of the electricity savings.
You now own the system outright. Your monthly payment continues at the same fixed rate for the remaining 20 years, or you can pay off the balance early with no penalty. You retain the 25-year Silfab panel warranty, 25-year system monitoring, and 10-year roof penetration warranty. If you added a battery, you get 15 years of energy storage monitoring. All electricity savings are yours — no sharing with a third-party owner.
Propel involves three parties working together. Understanding who does what helps demystify the process.
Your monthly payment goes to Concert Finance, which manages the entire structure. Concert Finance pays the third-party owner for the ESA services. The third-party owner captures the ITC from the IRS. The savings from that ITC are what allow your payment to be 30-40% lower than it would be under a traditional loan for the same system.
NuWatt is the installer — we design, permit, install, and monitor the system. We are the face of the project and your point of contact for any questions or issues. Concert Finance is the financial engine, and the third-party owner is the tax structure that makes the ITC accessible.
Why can't homeowners claim the ITC directly?
The residential solar tax credit (Section 25D) expired December 31, 2025. Individual homeowners can no longer claim any federal tax credit for solar installations. The commercial ITC (Section 48/48E) is only available to business entities. By using a third-party business owner, Propel accesses this commercial credit and passes the savings to you through the loan structure. You do not need to do anything on your tax return — the benefit is already built into your lower payment.
Section 48E is the successor to Section 48 for clean energy projects. It provides a base credit of 30% of the installed cost for qualifying energy property. Because Propel uses a business entity as the system owner, the installation qualifies as commercial energy property regardless of the fact that it sits on a residential roof.
The credit can be enhanced with two bonuses:
The Federal Energy Oversight Committee (FEOC) sets domestic content requirements. If the solar installation uses panels manufactured in the United States, the ITC increases by 10 percentage points. Propel requires Silfab 440W panels precisely because they are made in the USA and meet FEOC requirements. This bonus is effectively guaranteed for every Propel installation.
The FEOC construction deadline is July 4, 2026. Projects must begin construction before this date to qualify. Since NuWatt manages construction scheduling, this is handled on our end — your deadline is the September 30, 2026 application deadline for Concert Finance.
If your property is located in a qualifying energy community census tract (areas with historical fossil fuel employment or recent coal plant/mine closures), the ITC increases by another 10 percentage points. Many areas in Maine and Texas qualify. NuWatt checks your eligibility during the proposal stage. This bonus brings the total potential ITC to 50% of system cost.
| Scenario | ITC % | Credit Value | Effective Cost |
|---|---|---|---|
| Base ITC only | 30% | $9,000 | $21,000 |
| Base + FEOC (typical) | 40% | $12,000 | $18,000 |
| Base + FEOC + Energy Community | 50% | $15,000 | $15,000 |
| Traditional loan (no ITC) | 0% | $0 | $30,000 |
The ITC value is captured by the third-party owner and embedded in your lower monthly payment. You do not receive a check or file anything with the IRS.
Propel has specific requirements. Not every homeowner will qualify, and that is by design — the financing structure requires certain conditions to work.
What if I am on the waitlist?
Concert Finance is expanding Propel to additional states. Massachusetts, New Hampshire, Rhode Island, Connecticut, New Jersey, Vermont, and Pennsylvania are on the waitlist. If you are in one of these states, you can submit your information for early notification. Availability depends on Concert Finance's state-by-state regulatory approvals and utility agreements.
There are two key deadlines you need to know about. Missing either one could mean losing access to Propel financing or the full ITC.
July 4, 2026 — FEOC / Construction Deadline
Projects must begin construction before this date for the full Section 48/48E ITC with the FEOC domestic content bonus. The One Big Beautiful Bill Act (OBBBA) sets this as the phase-down trigger. NuWatt manages construction scheduling, so this deadline is handled on our end. We will ensure your project meets the construction commencement requirements.
September 30, 2026 — Propel Application Deadline
This is your deadline. Propel applications through Concert Finance must be submitted by September 30, 2026. After this date, the current rate structure and program terms are not guaranteed. The application involves a soft credit pull, so there is no risk in checking your eligibility early.
Given permitting and utility timelines, we recommend starting the process by June-July 2026 at the latest. Earlier is better — it gives NuWatt more flexibility on construction scheduling and ensures you do not run into municipal permitting delays.
Myth: Propel is just a solar lease with a different name.
Reality: Propel includes automatic ownership transfer at year 5. Leases never transfer ownership. Propel payments are fixed; lease payments escalate 1.99-2.99% annually. After year 5, you own the system and all savings — lease customers never do.
Myth: The 7.79-9.79% APR means Propel is a bad deal.
Reality: The APR only tells part of the story. Traditional loans may have lower rates (4-7%), but in 2026 they offer $0 federal tax credit. Propel captures a 30-50% ITC that reduces your effective cost by $9,000-$15,000. The total cost of ownership over 25 years is competitive with or better than a traditional loan when you account for the ITC.
Myth: I can get the same tax credit by buying solar myself.
Reality: Not since January 1, 2026. The residential ITC (Section 25D) expired at the end of 2025. Only business entities can claim the commercial ITC (Section 48/48E). Propel uses a third-party business owner to access this credit on your behalf. There is no way for an individual homeowner to claim it directly.
Myth: The third-party owner can take back my solar system.
Reality: The third-party owner exists solely to claim the tax credit. The ESA and loan contracts are binding — the owner cannot remove the system as long as you make your payments. At year 5, the EBO is automatic. There is no scenario where the owner retains the system beyond year 5 if you are current on your loan.
Myth: Propel and the SolSource/TriBeam "Propel" are the same thing.
Reality: They are completely different products from different companies that happen to share the same name. Concert Finance Propel uses Silfab panels and is available through installers like NuWatt in ME/TX. SolSource Propel uses Enphase hardware and distributes through Greentech Renewables nationwide.
After the automatic ownership transfer at year 5, your relationship with Propel changes. Here is what continues, what changes, and what you can expect for the remaining 20 years of the loan term.
After year 5, solar systems require minimal maintenance — occasional cleaning and monitoring, which the 25-year monitoring covers. The Silfab panels are warranted for 25 years, so equipment failure is unlikely. Most homeowners find that years 5-25 are the most rewarding period: you own the system, your payment is the same as it has always been, and rising utility rates make your solar savings grow every year.
The typical timeline from initial application to system activation is 6-12 weeks. This includes the credit check (1-2 days), system design and proposal (1-2 weeks), permitting (2-4 weeks depending on your municipality), installation (1-3 days), and utility interconnection (1-4 weeks). NuWatt handles the entire process and keeps you updated at each stage.
A Prepaid ESA is a contract where a third-party business entity owns and operates the solar system on your roof for a set period. You prepay for the energy services (production, maintenance, monitoring) through your monthly loan payment to Concert Finance. The ESA allows the third-party owner to claim the Section 48/48E commercial ITC because they are the legal system owner. At year 5, the ESA terminates and ownership transfers to you.
No. The ownership transfer is automatic. The Early Buyout Option (EBO) is exercised by Concert Finance on your behalf at the pre-set price, which is already built into your loan payments. You do not sign additional paperwork, make an extra payment, or negotiate a buyout price. The EBO price was set at loan origination and does not change.
During years 1-5, the third-party owner is responsible for the solar system, including any maintenance or repairs related to the solar installation. If your roof needs unrelated repairs (storm damage, age-related issues), you would coordinate with NuWatt to temporarily remove and reinstall panels. The 10-year roof penetration warranty covers any leaks caused by the solar mounting system.
During the 5-year managed phase, you cannot modify the system because the third-party owner holds title. After year 5, when ownership transfers to you, you can add panels, upgrade inverters, or add a battery. Any additions after year 5 would need separate financing since they would not be covered by the original Propel loan.
You should notify your homeowners insurance company about the solar installation. Most policies cover rooftop solar under the dwelling coverage with no premium increase. During the managed phase, the third-party owner carries their own insurance on the equipment. After year 5, the system becomes your asset and is covered under your homeowners policy like any other home improvement.
Results-based pricing means your APR is determined by your credit profile, not a one-size-fits-all rate. Concert Finance evaluates your FICO score (TransUnion) and assigns a rate tier: 7.79% (excellent, 760+), 8.79% (very good, 720-759), 8.99% (standard, 700-719), or 9.79% (good, 660-699). The initial check is a soft inquiry. A 0.50% discount applies for ACH auto-payments.
Propel loans have three reamortization dates — after the 12th, 24th, and 36th monthly payments. At each date, if you have made extra principal payments, your loan is recalculated with a lower balance, which reduces your monthly payment going forward. This gives you flexibility: make extra payments when you can, and your required payment drops at the next reamortization date. There is no penalty for extra payments.
Check your eligibility with a soft credit pull that will not affect your score. Get a custom proposal with your estimated payment.
Propel financing provided by Concert Finance. Loans originated by Medallion Bank, Member FDIC.
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Elena helps homeowners plan whole-home electrification projects — solar, heat pumps, batteries, and EV charging. She focuses on financing strategies and long-term energy savings.