Solar Power Systems in Portfolio Planning: What a Financial Advisor Really Recommends
A guest post by Marco Berardi, Managing Director of Autark 360 GmbH, Mannheim — 25 years of experience in wealth management for entrepreneurs and high-net-worth individuals.
Excerpt
This article is intended for high-net-worth individuals, entrepreneurs, and investors who are seriously considering photovoltaics as a tangible asset component in their portfolio planning. In an environment where overnight money barely yields any real returns and the energy transition is creating structural tailwinds, it is worth taking a sober look at the opportunities and risks—beyond sales pitches. This article highlights the potential solar energy offers investors as a tangible asset component, where the real risks lie, and why 2026 represents a strategically relevant window of opportunity.
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Anyone looking to include a solar power system in their portfolio planning needs to have the right foundation: This investment is suitable for entrepreneurs and high-income earners with a total portfolio of at least €500,000, a 15–20-year investment horizon, and a marginal tax rate of at least 42%. Investors who meet these criteria can expect a 4–7% after-tax return, genuine protection against inflation, and low correlation with stocks and bonds—provided the structure is right. On the other hand, those considering a PV system for their own business operations (rather than purely as an investment) can find further information under “Your Own PV System for Your Business.”
1. How I incorporate solar power systems into my investment strategy
In my consulting practice, direct investments in photovoltaics fall under the category of "infrastructure tangible assets"—an asset class that lies between real estate and equity investments. They offer predictable cash flows, tangible assets, and low correlation with traditional capital market investments. To understand the basics: these investments are illiquid, complex, and subject to regulatory scrutiny. Those who understand this can make effective use of them.
In my 25 years of advising high-net-worth individuals and companies, I have seen many investment trends come and go. Solar power is one of the few areas where I can say with confidence today: It is a sound investment—but with clear limitations.
What portfolio planning means in practice for the photovoltaic industry
What does portfolio planning mean for photovoltaic systems? Planning a photovoltaic portfolio requires a structured approach that ranges from site selection and system design to tax planning and long-term risk management. The goal of effective portfolio planning is to achieve maximum energy yields with minimized risk and high profitability over the entire 20–40-year lifespan—not to design the fastest tax-saving model.
Correlation with other asset classes: the key difference
Institutional investors such as Union Investment, KKR, and J.P. Morgan Private Bank consistently classify photovoltaic systems and solar energy as infrastructure within the alternative investments category. Direct photovoltaic investments—that is, physical ownership of an actual plant, rather than a fund share—exhibit a correlation profile that is relevant for portfolio construction:
| Comparison with | Correlation (PV direct) | Impact on the portfolio |
|---|---|---|
| Stocks (MSCI World) | 0.1–0.3 | Virtually unaffected by stock market fluctuations |
| Federal bonds | ~0 | No correlation with interest rate movements |
| Inflation | 0.3–0.5 | Natural protection against inflation through the generation of physical income |
| Stocks (Renewable ETFs) | 0.71–0.77 | Behave like tech stocks — no diversification effect |
⚠️ All correlation figures are estimates based on the IEA/Imperial College Clean Energy Investing Report 2021. Past performance is not a guarantee of future results.
The last line is key: If you buy a renewable energy ETF instead of making a direct investment, you gain little in the way of diversification—you’re essentially just buying another technology fund. When it comes to the solar energy asset class, solar energy does not move in tandem with the DAX—and that is the most important way to achieve true portfolio diversification.
PV System Portfolio Planning: What Allocation Is Realistic?
For a well-diversified portfolio with a total value of at least €500,000 , I recommend a 10–15% allocation to solar power and infrastructure. Diversification through tangible assets with a real return base is an increasingly discussed topic, especially in an environment of falling interest rates—and solar energy, as an energy source, offers predictable capacity for decades to come. An often underestimated aspect: In 2025, photovoltaic systems in Germany helped save nearly 60 million tons of CO₂ emissions—an argument that is gaining increasing weight in ESG-oriented portfolios. For family offices and high-net-worth investors with portfolios of €1 million or more, the allocation can rise to 15–20%—provided that the total allocation to illiquid real assets (including real estate and private equity) does not exceed 40%. As a financial tool for diversification, photovoltaics is a sensible instrument in this portfolio planning—provided the fundamentals are sound.
2. The Return Profile: What Remains After Costs, Taxes, and Risks
Before taxes, professionally structured photovoltaic systems in Germany generate a 5–8% annual return as an investment—that is the conservative estimate by financial advisors, excluding tax optimization. With IAB, special depreciation, and declining-balance depreciation, the after-tax net return can be 4–7% per year, and significantly higher in favorable scenarios. That sounds modest until you look at the benchmark: German government bonds (10-year) at ~3.0%, fixed-term deposits at up to 2.85%, and overnight money at 1.5–2.3% (as of April 2026).
A Comparison of the Three Photovoltaic System Segments
In my consulting work, I distinguish between three types of photovoltaic systems that differ fundamentally:
Small-scale solar systems on single-family homes (≤ 30 kWp)
Return on investment without storage: 3.5–5% per year. The tax exemption under Section 3(72) of the German Income Tax Act (EStG) improves the net return but simultaneously excludes the investment deduction (IAB). As a pure financial investment, this segment is unattractive. It makes perfect sense as a way to reduce electricity costs for owner-occupied residential property—but that is a different discussion. Important to know: Without battery storage, the self-consumption rate is typically 25–35%; with storage, it rises to ~70%—which makes all the economic difference.
Commercial rooftop solar systems (30–500 kWp)
Return on investment: 6–10% thanks to high daily electricity consumption, which outweighs the revenue from feeding power back into the grid. This is where the real investment segment begins. Self-consumption saves ~30 ct/kWh (industrial electricity price), while feed-in yields only 5.50–7.78 ct/kWh (EEG 2026). High-efficiency solar modules and modern energy management are crucial for the return on investment at this level.
Commercial, industrial, and logistics facilities (100 kWp–5 MWp)
Return on investment: 6–10% before taxes — the most attractive segment for investors. Roof-mounted systems on warehouses, manufacturing facilities, and industrial parks combine high self-consumption with low system costs (€1,050–1,150/kWp turnkey without battery storage, €1,300–1,500/kWp with battery storage) and optimal space utilization. The roof space is already available, approval processes are streamlined compared to ground-mounted projects, and the company—as tenant or owner—ensures predictable consumption. This is the segment I work with most frequently—because here, scale enables professional management, self-consumption drives returns, and tax incentives have the greatest impact. Crucially: With integrated battery storage, the self-consumption rate increases from 40–60% to up to 80–90%—and the system generates additional revenue by avoiding negative feed-in tariffs and through arbitrage between off-peak and peak hours. Data from the Helm Group portfolio shows that these systems deliver the most stable returns over the long term.
What the reality of returns in 2025/2026 reveals
Current market data is more honest than many sales brochures:
EEG feed-in tariff for commercial rooftop systems (40–100 kWp): 5.50 ct/kWh (as of Feb–Jul 2026) — decreases by 1% every six months
Market price for solar power in 2025: annual average of 4.508 ct/kWh (DGS 2025) — with significant seasonal fluctuations
Negative hours in 2025: 573 hours without feed-in tariffs (a record) — the Solar Peak Act of February 25, 2025, reduced the buffer from 3 hours to zero hours
System costs for commercial rooftop solar installations: €1,050–1,150/kWp without battery storage, €1,300–1,500/kWp with battery storage (100 kWp–5 MWp, turnkey)
This market trend shows that returns on photovoltaic systems do not materialize on their own—they require professional structuring, battery storage as an active return accelerator, and realistic cash flow planning. Especially for commercial rooftop systems, storage is not optional: it raises the self-consumption rate to 80–90%, protects against revenue losses during periods of negative spot prices, and enables arbitrage between cheaper midday hours and more expensive evening hours—additional revenue that must be factored into the business plan from the very beginning.
Return Comparison: Solar Power vs. Other Investment Options
| Type of investment | Annual return | Liquidity | Distinctive feature |
|---|---|---|---|
| Overnight money | 1.5–2.3% | Immediately | No protection against inflation |
| 1-Year Time Deposit | up to 2.85% | Hardcover | No protection against inflation |
| 10-year U.S. Treasury bond | ~3,0 % | Tradable | Not a real asset |
| MSCI World ETF (long-term) | 7–10% | Immediately | High volatility |
| Real Estate (Gross Rental Yield) | 3.0–4.1% | Very low | Concentration risk |
| Direct Investment in Solar Power | 5–8% before tax | Low (20 years) | A true store of value, protection against inflation |
⚠️ Yield figures as of April 2026: Biallo Index & Raisin for overnight money and time deposits; German Federal Agency for Financial Services for German government bonds; long-term historical average for ETFs; Helm Group portfolio data for 2024. No guarantee of future results.
What the numbers mean for investors
For investors with a well-structured portfolio, the message is clear: the opportunity lies not in the highest nominal return, but in the combination of predictable cash flow, protection against inflation, and tax optimization. Money invested in solar energy for 20 years works differently than money in the capital markets—it is neither better nor worse, but it is different.
3. Germany or Italy? An honest comparison of the two locations
Italy offers better physical and economic conditions for photovoltaic systems than Germany: 30–60% more hours of sunshine, ~50% higher electricity prices, and, through the FER-X program, a guaranteed feed-in tariff of ~€70/MWh. Installed capacity is growing in both markets—but solar energy yields in southern Italy are structurally superior. For investors with a sufficiently large portfolio and tolerance for regulatory complexity, southern Europe is an attractive option—but not without risks.
The raw figures for the location comparison:
| Type of investment | Annual return | Liquidity | Distinctive feature |
|---|---|---|---|
| Overnight money | 1.5–2.3% | Immediately | No protection against inflation |
| 1-Year Time Deposit | up to 2.85% | Hardcover | No protection against inflation |
| 10-year U.S. Treasury bond | ~3,0 % | Tradable | Not a real asset |
| MSCI World ETF (long-term) | 7–10% | Immediately | High volatility |
| Real Estate (Gross Rental Yield) | 3.0–4.1% | Very low | Concentration risk |
| Direct Investment in Solar Power | 5–8% before tax | Low (20 years) | A true store of value, protection against inflation |
⚠️ Return and payback period estimates are based on project data and publicly available market sources. Actual results may vary depending on location, incentives, financing structure, and tax planning. As of April 2026.
FER-X, Market Trends, and Tax Treatment for German Investors
The FER-X subsidy program (effective February 28, 2025, with a budget of €9.7 billion and a quota of 23.65 GW) guarantees new solar power plants a feed-in tariff of approximately €70/MWh for 20 years—a key factor in ensuring investment security. Solar parks up to 1 MW receive direct access; larger projects are awarded through auctions. The technology for large commercial photovoltaic systems is the same as in Germany—the solar modules, the inverters, the energy management: everything is identical. The difference lies solely in solar radiation, installed capacity, and the regulatory support structure.
Market trends in Italy show that capacity grew by 6.4 GW in 2025 to a total of 43.5 GW—a market that is gaining depth compared to the rest of Europe. This trend is relevant for investors seeking geographic diversification in their portfolio planning.
Regulatory risk in Italy: don't ignore it
I wouldn’t be an honest advisor if I didn’t mention this: The 2014 Spalma Incentivi cut retroactively reduced the feed-in tariffs for existing photovoltaic systems—for which rates had already been approved—by 17–25%. The Italian Constitutional Court has upheld this as lawful. Several international arbitration proceedings (ICSID) followed—with mixed results for the affected investors.
This development is no reason to avoid Italy. However, the possibility of regulatory intervention remains a real one—and is the most important reason to have the contract structure and legal risks professionally reviewed. Decisions should not be based on a sales prospectus, but rather on local legal and tax expertise.
For German companies and individual investors, the following applies: Since both countries use the euro, there is no currency risk. A photovoltaic system in Italy constitutes a permanent establishment for tax purposes, with primary tax liability in Italy (IRES + IRAP ~27.9%). The Germany-Italy Double Taxation Agreement (1989) governs the credit against the German tax liability.
The article "PV Investment Italy 2026" on the Logic Energy website provides a detailed overview of the investment landscape in Italy.
4. Tax optimization: A lever that can double your return
For taxable photovoltaic systems (> 30 kWp), three depreciation methods can be combined: the investment deduction (IAB, 50%), the special depreciation under Section 7g of the Income Tax Act (40%), and the declining balance depreciation under the Investment Booster (15% per year on the PV system, valid from July 1, 2025, to December 31, 2027). The result: up to 77.5% of the investment is tax-deductible in the first three years—at a top tax rate of 45%, this corresponds to a cash flow effect of approximately 35% of the investment amount.
This is where investments in solar power become particularly attractive for my clients—not because tax optimization should be the basis for an investment decision, but because it significantly affects the net return on solar installations.
The three instruments operate on a staggered basis: The IAB is claimed in the year prior to the investment and reduces taxable income by up to €200,000 in advance. In the investment year itself, the special depreciation under Section 7g of the Income Tax Act (EStG) and the declining-balance depreciation under the Investment Booster follow—both are applied to the tax base already reduced by the IAB. Together, this results in an exceptionally high tax relief in the early years, precisely when the financing installments are being paid.
An additional benefit for systems with integrated battery storage: Storage systems have a shorter tax depreciation period than the PV system itself—which further increases the declining balance depreciation rate for the storage component. A tax advisor is essential for an accurate calculation, as the optimal allocation of the special depreciation across subsequent years must be planned on a case-by-case basis.
For GmbH owners, the following applies: The IAB can also be used at the GmbH level, though without the trade tax exemption. A holding structure—with a holding GmbH as the parent company and a PV operating company as the subsidiary—allows for the transfer of profits with virtually no tax liability under Section 8b of the German Corporate Income Tax Act (KStG) and the retention of approximately 30% of profits instead of being subject to the top personal tax rate.
The article "How the Logic Energy Investor Model Works" explains exactly how the Logic Energy Investor Model is structured.
⚠️ Tax information is based on the legal situation as of April 2026. Tax implications vary from person to person. This is not a substitute for personal tax advice. All information is provided without warranty.
5. The risks clients don’t mention to me—until I ask
Photovoltaic investments carry four structural risks that are often given insufficient weight during sales pitches: illiquidity, regulatory intervention, market price volatility, and operator quality. Developments in recent years—the Solar Peak Act, increasing hours of negative electricity prices, and bankruptcies in the sector—show that anyone who underestimates these four factors is not buying an infrastructure asset—but a problem.
After 25 years of consulting, I know the questions clients don’t ask because they’re afraid of the answer. I ask them anyway.
Risk 1: Illiquidity — You tie up capital for 20 years
Direct investments in solar power are not a substitute for a money market account. While a secondary market does exist, exits are illiquid and typically involve significant discounts. Anyone who needs capital in three years for business expansion or a real estate purchase should not invest that capital in solar power systems.
The rule of thumb for liquidity planning
My rule of thumb: Only invest money that I won’t need for 15–20 years—plus a separate liquid emergency fund equivalent to 6–12 months’ worth of income.
Risk 2: Regulatory risk — lawmakers may change the rules
In 2025, the Solar Peak Act (February 25, 2025) changed the rules of the game: New installations will no longer receive EEG feed-in tariffs starting from the first 15 minutes of negative spot prices—rather than after 3 hours, as was previously the case. This has a direct impact on return projections.
2027 EEG Reform: The window of opportunity is closing
Die geplante EEG-Reform 2027 könnte noch weitreichender sein: Für neue geförderte Anlagen ≥ 100 kW ist ein zweiseitiger CfD-Mechanismus geplant — Übergewinne fließen zurück, was die Upside begrenzt. Die feste Einspeisevergütung für Anlagen < 25 kWp soll ab 1. Januar 2027 möglicherweise entfallen. BSW-Solar-Präsident Jörg Ebel warnt, dass 60 % der potenziellen Investoren bei Umsetzung dieser Pläne keine Dachanlagen mehr installieren würden.
This trend is not a niche issue—it affects the entire German market for photovoltaics and solar farms. Anyone investing in energy infrastructure today must take this regulatory risk into account in their planning.
What this means for investment decisions: The deadline of December 31, 2026, is the last chance to secure a 20-year guaranteed EEG feed-in tariff. Those who invest in 2026 will still benefit from the current rules—those who wait will be investing under a more uncertain regulatory framework.
The article "CfD Mandate 2027" on the Logic Energy Blog provides a detailed analysis of the CfD reform and its implications for PV investors.
Risk 3: Market price risk — negative electricity prices are becoming structurally more common
The 573 negative hours in 2025 are not an outlier—they represent a trend. E-Bridge consultants predict up to 1,000 negative hours annually by 2030. The market price for solar power fell to 1.997 ct/kWh in May 2025—just under 2 cents per kWh for the electricity generated. Anyone operating commercial rooftop systems without battery storage simply has no electricity revenue during these hours—and has even been implicitly paying out of pocket since the Solar Peak Act took effect, because the feed-in tariff is completely eliminated.
For commercial rooftop systems, battery storage is therefore not an add-on product, but an integral part of the business model. It accomplishes three things at once:
Negative Price Protection: During hours when the spot price is negative, electricity is not fed into the grid but is instead stored—thus avoiding a loss of revenue
Optimizing self-consumption: Excess energy generated during the day is stored for use in the evening — the self-consumption rate increases from 40–60% to 80–90%; every kWh stored saves ~30 cents in industrial electricity costs
Arbitrage: Überschuss aus günstigen Mittagsstunden (oft < 3 ct/kWh am Spotmarkt) wird für teurere Abendstunden (15–25 ct/kWh) zwischengespeichert — Mehrerlös je Zyklus messbar
Another strategy that is not widely known among investors: portfolio marketing. By bundling multiple rooftop systems into a virtual power plant, the direct marketing threshold of 100 kWp can be exceeded—and market analyses show that marketing revenues can increase by 5–15% through this bundling compared to the EEG feed-in tariff alone.
⚠️ Information regarding portfolio sales revenue and self-consumption rates is based on market analyses and may vary depending on the size of the system, consumption profile, direct sales partner, and market conditions. As of April 2026.
Risk 4: Operator risk — not every PV system has a reliable partner behind it
The bankruptcies in the photovoltaic sector in recent years—Sun Contracting (€47 million in liabilities, over 1,000 crowd investors affected), MEC Energy GmbH, Fellensiek Projektmanagement—show that the risk often lies not in the system itself, but in the quality and expertise of the operator. Opaque investment products, inflated return promises, and a lack of equity protection: these are warning signs that call for due diligence before signing a contract.
My minimum requirements for a partner in photovoltaic investments:
Proven project references with verifiable yield data
Financing secured before construction begins (no risk of funding shortfalls)
Operator's personal liability — not a mere shell company
Transparent income management and monitoring with investor access
All-risk insurance and technical warranty
Clear maintenance and cleaning schedule: Regular maintenance is necessary to ensure the components’ service life—without it, the system will deteriorate faster than anticipated
6. Solar Power Systems in Your Portfolio: Who They Work For—and Who They Don’t
Direct investments in photovoltaics are suitable for investors and companies that have a marginal tax rate of at least 42%, a total portfolio of at least €500,000, a 15–20-year investment horizon, and an understanding of equity investments. The opportunities offered by this asset class are real—but can only be realized if the individual circumstances are right. For everyone else, photovoltaic systems are either tax-irrelevant, too illiquid, or unattractive in terms of returns.
An honest assessment: Is solar power right for your situation?
I’ve broken down the suitability question into two clear lists. The first step in any consultation is to take an honest look at your own financial situation—because even the best planning is useless if the basic conditions aren’t right.
Who should consider photovoltaics as part of their investment portfolio:
Entrepreneurs and high earners with taxable income of approximately €67,000 or more (top tax rate of 42% or higher)
Total portfolio: starting at €500,000 — Solar power systems make sense as a 5–15% component of the portfolio, not as the main investment
Investment horizon: 15–20 years, with no need for liquidity from this capital
An existing emergency cash reserve equivalent to at least six months' income
An understanding of business investments that involve real risks
No real estate concentration in the portfolio (note the concentration risk associated with tangible assets)
Willingness to provide professional support throughout the planning process—or to choose a provider that handles site acquisition, construction, operations, and marketing all under one roof, such as Logic Energy
Who solar systems are not suitable for as an investment:
Investors and companies with a marginal tax rate below 42% — the IAB effect only kicks in at high tax rates
Anyone who needs to liquidate assets within 10 years (buying a home, children's education, retirement)
Portfolios under €300,000 where a minimum investment of ~€100,000 would result in excessive concentration of capital — those who deliberately choose solar power as their primary investment or a key component of their real-asset portfolio and understand its illiquidity can, of course, get started even with a smaller overall portfolio
Investors without a 6–12-month cash reserve — never at the expense of your liquidity buffer
Anyone who makes decisions based solely on tax considerations without assessing the underlying business substance—taking the route of tax advantages is never the right first step
⚠️ This suitability assessment is of a general nature and does not replace individual financial and tax advice. Please consult a licensed advisor regarding your personal situation. As of April 2026.
7. My conclusion: Solar power, yes—but with conditions
Direct investments in photovoltaics are neither the risk-free 8% return promised in the sales prospectus nor an unpredictable speculative investment. Solar power systems are a medium-term infrastructure asset with genuine diversification benefits, a predictable cash flow model, and—for the right tax situation—a significant return accelerator through legal depreciation methods.
Why photovoltaics will still offer a strategic window of opportunity in 2026
What particularly catches my attention as a consultant in 2026:
The declining balance depreciation rate of up to 30% applies only to purchases made on or before December 31, 2027
EEG feed-in tariffs for new installations may end on December 31, 2026
The system costs for commercial rooftop solar installations range from €1,050 to €1,150 per kWp (excluding battery storage)
The risks of negative prices are rising — battery storage is a must-have for commercial rooftop systems, not just an optional upgrade
The development of solar energy in Europe shows that more installed capacity means more competition for the same number of hours of sunshine
The numbers speak for themselves—and they show a window of opportunity that is closing. In a world where time deposits and government bonds offer real returns just above zero, investors are looking for energy infrastructure with predictable cash flows. The annual financial statement for a solar power system is more transparent than that of many other real asset investments—and the portfolio benefits in the long term from the lack of correlation.
2026 is a good year to incorporate solar power into your portfolio planning—and to do so with a partner who not only sells the system but also provides support throughout its entire lifespan.
Learn more about this investment now → Explore investment opportunities with Logic Energy — structured direct photovoltaic investments offering long-term profit sharing and professional portfolio management.
About the Author: Marco Berardi
Marco Berardi is the Managing Director of Autark 360 GmbH in Mannheim —an independent wealth management firm focused on building wealth through real assets for entrepreneurs and high-net-worth individuals. With 25 years of experience advising quality-oriented clients, he develops customized wealth architectures that build long-term value and enable financial independence. His advisory approach combines traditional portfolio planning with the strategic use of energy-related assets—including photovoltaics, battery storage, and renewable energy sources—as key components of diversification.
Learn more about this investment now → Explore investment opportunities with Logic Energy — structured direct photovoltaic investments offering long-term profit sharing and professional portfolio management.
Disclaimer: This article is intended solely for general informational purposes and does not constitute investment, tax, or legal advice. Return figures are based on historical data from the Helm Group and are not a guarantee of future results. For advice tailored to your individual situation, please consult a licensed advisor. All information is provided without warranty. As of April 2026.
If you're a business owner looking for a solar power system for your own business, there's another approach worth considering:a solar power system owned by your business —regardless of the investment model.
Photovoltaic investments only have a lasting impact on portfolio planning if they are properly integrated from the very beginning—into tax strategy, liquidity planning, and the overall asset structure. What Marco Berardi has learned in 25 years of consulting: The best investments are those that make sense even without tax benefits. Logic Energy supports investors from the initial return calculation to the final annual statement—with fixed financing, long-term management, and personal accessibility. If you’d like to see if a direct photovoltaic investment is right for your situation, start now with a no-obligation initial assessment.
FAQ
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From an independent advisor’s perspective, a sensible allocation is 5–10% of the total portfolio for investors with total assets of €500,000 or more. For high-net-worth entrepreneurs and family offices with over €1 million, the allocation can rise to 15–20%—provided that the total allocation to illiquid assets (including real estate and private equity) does not exceed 40%. In portfolio planning, the rule is: solar power as a supplement, never as the dominant component.
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The investment tax credit (IAB) has its full effect at a marginal tax rate of 42% (income tax). At a top tax rate of 45%, the tax savings resulting from the combination of the IAB, special depreciation, and declining-balance depreciation are highest—up to approximately 35% of the investment amount as a tax-financed return on equity in the first two years.
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A direct investment in photovoltaics means physical ownership of an actual plant—not a fund share, not a security. Only a direct investment allows for the combination of IAB (50%), special depreciation (40%), and declining-balance depreciation (up to 30%). Solar funds offer investors diversification with lower capital outlay—but without these tax advantages, often with longer lock-up periods, and frequently with less transparency regarding the underlying energy plants. As vehicles for investing in energy sources, solar funds are suitable for smaller investments, but they do not replace tax-optimized direct investment for investors with higher tax rates.
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Die EEG-Vergütung für Neuanlagen ist gesetzlich für 20 Jahre garantiert — aber nur für Anlagen, die bis zum geltenden Stichtag in Betrieb gehen und vom Netzbetreiber abgenommen werden. Die geplante EEG-Reform 2027 könnte die feste Einspeisevergütung für Anlagen ≥ 100 kW durch einen zweiseitigen CfD-Mechanismus ersetzen und für Kleinanlagen < 25 kWp möglicherweise ganz streichen. Wer als Investor bis 31. Dezember 2026 investiert, sichert sich noch das aktuelle Regime — inklusive 20 Jahre Planungssicherheit unabhängig von der weiteren Energiemarkt-Entwicklung.
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Under certain conditions, yes: Southern Italy offers 50–80% more hours of sunshine than Germany, ~50% higher wholesale electricity prices, and tariffs guaranteed at ~€70/MWh for 20 years through the FER-X program. For investors with a portfolio size of ~€500,000 or more and a willingness to establish an Italian corporate structure, the southern market is attractive. However, regulatory risk (keyword: 2014 Spalma incentive cuts) must be professionally factored into pricing.
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The four risks I actively ask about as a consultant: (1) Illiquidity — capital is tied up for 15–20 years; (2) Regulatory risk — lawmakers can change compensation rules, as happened in 2025 with the Solar Peak Act; (3) Market price risk — 573 hours of negative electricity prices in 2025 will significantly reduce the revenue of commercial rooftop systems without battery storage; (4) Operator risk — The quality of the partner is more critical for photovoltaic investments than the location or the system itself.
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If you will need the capital within 10 years. If you do not have a separate emergency fund covering at least six months’ income. If the decision is primarily tax-driven without a thorough assessment of its economic merits. If the total portfolio is less than €300,000 and you are not willing to tie up a significant portion of it long-term—however, those who consciously choose PV as their primary investment and understand the consequences can still invest wisely even with a smaller portfolio. And if there is no time or capacity to plan carefully—investors who view photovoltaics as a passive investment without any engagement with the subject matter underestimate the entrepreneurial nature of this investment form.
References
IEA / Imperial College London — Clean Energy Investing: A Global Comparison of Investment Returns, 2021
German Solar Energy Society (DGS) — Annual Solar Market Value 2025, 2025
Direktvermarktungstrom.de — Market price for solar power in May 2025 below 2 cents/kWh
Solarserver — Monthly Market Value for Solar Power: January 2026: 11 ct/kWh, February 2026
CHP Information Center — Negative Electricity Prices: Facts and Statistics
pv magazine — Key points of the draft EEG confirmed by the Federal Ministry for Economic Affairs, March 2026
pv magazine — Leaked EEG draft: Production-based levy starting at 100 kW, February 2026
pv magazine — The Downside of Commercial PV Investments, May 2025
pv magazine — 10 Things to Consider Before Investing in Solar, November 2025
Fraunhofer ISE — Levelized Cost of Electricity for Ground-Mounted PV Systems (via BMWi), July 2024
Metergrid — Leaked Draft of the 2027 Renewable Energy Act: Implications for Tenant-Generated Electricity and PV
pveurope — How Italy is driving the solar energy transition
Isinet Consulting — FER X Transitional: Incentive for Photovoltaic Systems
Lexology — Italy's Constitutional Court Upholds the Constitutionality of Retroactive Cuts to Solar Incentives
J.P. Morgan Private Bank — Our guide to building an alternative investment portfolio
Union Investment — Renewable Energy as an Asset Class
Raisin — Fixed-Term Deposit Comparison April 2026: up to 3.35% p.a.
GTAI — Italy: Tax Law, Germany Trade & Invest
Helm Group — Portfolio Return Data for 2024: 6–10% per annum (internal project data)
green-2-market.de — Section 7g of the German Income Tax Act (EStG): How the Investment Tax Credit Works (2026)
Energy Experts — New Special Depreciation Allowance for PV Systems Effective July 2025
