PV Crowdinvesting vs. Direct Investment in 2026: What Investors Really Need to Compare
Excerpt
Solar crowdinvesting promises 5–10% interest starting at €100 — Direct PV investment delivers a 6–10% base return and up to 10–12% with tax leverage starting at €100,000. A comparison with new insolvency cases in Germany, Italy, and Spain from 2024 to 2026 reveals which investment form will truly pay off in 2026. A fact check for investors deciding between crowdlending and direct ownership.
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Description text goes hereSolar crowd investing offers a fixed gross annual interest rate of 4.0–7.5% in Germany in 2026, 6–10% in Italy, and 6.5–10.2% in Spain—with a minimum investment of €50 to €1,000, but as a subordinated claim without ownership of the underlying asset, without tax leverage, and without deposit insurance. Direct PV investment delivers a 6–10% p.a. base return and, with IAB under Section 7g of the German Income Tax Act (EStG), special depreciation and declining-balance depreciation, up to 10–12% effective — with a minimum investment of €100,000 and true ownership of the asset over 20–40 years. By 2026, the structural dividing line will no longer lie in the return, but in three key areas: creditor vs. owner status, tax leverage, and the platform’s insolvency risk—a risk that has noticeably intensified between 2024 and 2026 due to the wave of issues surrounding econnext/Autarq, Ecoligo, DEGAG, and Sonneninvest. This article provides a structured overview of both models, featuring market data from Germany, Italy, and Spain—so you can understand why crowd investing can serve as a complementary option, but direct investment remains structurally superior for entrepreneurs with a marginal tax rate of 42% or higher.
Table of Contents
What is the difference between crowd investing and a direct investment in solar power?
Current Returns for 2026: What Are the Returns on Crowdinvesting in Germany, Italy, and Spain?
The Reality of Risk: Which platforms will be down in 2024–2026?
What changes took place in the market between 2024 and 2026?
What is the difference between crowd investing and a direct investment in solar power?
Crowdinvesting is a debt instrument —you provide a solar project operator with funds in the form of a subordinated loan and receive interest in return. Direct investment is ownership of the asset —you purchase a specific PV system (or a clearly defined share of it), collect the electricity revenue yourself, and treat the system as a commercial asset for tax purposes. This structural difference will determine liability, taxes, term, and insolvency protection in 2026.
Crowdfunding for Solar Power Projects: Definition and Process
Crowdinvesting is a form of crowdfunding in which a platform pools capital from many investors and passes it on to a single project operator. Investments in crowd investing are possible even with small amounts, often ranging from €50 to €500 per project. Crowd investing is therefore suitable for investors who want to invest in a broadly diversified portfolio of solar, real estate, or startup projects with little capital and minimal effort.
In crowdinvesting for solar power projects, a platform (Bettervest, Ecoligo, GreenVesting, Wattner SunAsset, Ener2Crowd, Fundeen, Crowmie, and others) raises capital of typically €50–1,000 per investor. The funds are provided to the project operator as a qualified subordinated loan or investment. Investors receive a fixed interest rate over 3–10 years, sometimes as a stepped interest rate. In the event of the issuer’s insolvency, the pre-insolvency enforcement bar applies: payouts are prohibited if they would trigger insolvency. There is no deposit insurance.
Direct Investment in Solar Power: Definition and Process
A direct investment in a photovoltaic system means that you purchase the system itself—or a clearly defined share of it—as your own asset. The capital required for direct investments is significantly higher than for crowd investing, which results in a concentration of risk in a single project. A direct investment in photovoltaics typically requires a significant amount of equity capital, but in return offers ownership of the asset, tax benefits, and a 20-year EEG guarantee.
With a direct PV investment, you acquire a specific solar power system with a minimum equity investment of €100,000—such as a 100–500 kWp rooftop PV system on a logistics or commercial property, or a share in a ground-mounted system for electricity generation. The system belongs to you as a movable asset; you are the operator, collect feed-in tariffs under the EEG or direct sales revenue yourself, and take full advantage of the tax benefits under Section 7g of the German Income Tax Act (EStG), special depreciation, and declining-balance depreciation. The contractual partner for Logic Energy is mediplan Helm e.K., with personal unlimited liability of the owners pursuant to Sections 1, 17, and 19 of the German Commercial Code (HGB).
Current Returns for 2026: What Are the Returns on Crowdinvesting in Germany, Italy, and Spain?
Solar crowdinvesting will yield fixed gross interest rates of 4.0–7.5% p.a. in Germany in 2026, 6.0–10.0% in Italy, and 6.5–10.2% TIR in Spain. After a 25% withholding tax plus the solidarity surcharge, investors in Germany are left with a net return of 3–5% in real terms. Direct PV investment yields 6–10% p.a. on a gross basis and, with tax leverage, up to 10–12%—with a higher minimum investment and longer term.
| Platform · State | Minimum investment | Gross annual interest rate | Duration | Vehicle |
|---|---|---|---|---|
| Bettervest · DE | 50 € | 5.0–8.0% | Ages 3–7 | Subordinated loan |
| Ecoligo · DE | 100 € | 5.0–8.5% | Ages 3–9 | Subordinated Restructuring 11/2025–12/2026 |
| Econeers (OneCrowd) · DE | 250 € | 5.5–7.5% | Ages 3–7 | Subordinated Autarq Insolvency Bond 06/2025 |
| GreenVesting · DE | 100 € | 4.0–7.0% | 3–10 years | Subordinated loan |
| Wattner SunAsset 9 · DE | 5.000 € | 4.0–4.5% (level) | Ages 11–12 | qualified subordinated loan |
| Ener2Crowd · IT/ES | 300 € | 6.0–10.0% | 1–4 years | Lending (ECSP) |
| Walliance · IT | 500 € | 8.0–12.0% | 12–36 months | Lending / Equity (ECSP) |
| Fundeen · ES | 500 € | ~7% APR; 6.9–10% IRR | 5–20 years | Equity/Lending (PSFP) |
| Crowmie · ES | $100–$5,000 | 8.0–10.2% IRR | up to 20 years | Tokenized equity stake |
| Goparity · PT/ES | 5 € | 4.0–8.0% | 1–10 years | Crowdlending (EU Passport) |
| As of May 2026. The returns listed are gross figures provided by the platforms, before withholding tax and flat-rate withholding tax. Return figures are based on historical data and are not a guarantee of future results. | ||||
After taxes, there's less left
For German investors, crowdinvesting is subject to a 25% withholding tax plus a 5.5% solidarity surcharge (effectively 26.375%, or up to 27.99% including church tax). A German investor with a 5.5% gross interest rate receives approximately 4.0% net per annum. For Italian lending platforms without a BdI license, the progressive IRPEF rate of 23–43% applies; for Spanish platforms, investment income is taxed at 19–28%. Foreign withholding tax may be credited, but this must be verified on a case-by-case basis under the relevant double taxation agreement.
Market Data for 2024/2025 in Germany, Italy, and Spain
Solar Crowdfunding in Germany
In Germany, the equity crowdfunding volume for solar projects stood at approximately €47 million in 2024 (Statista). The total cumulative crowdfunding volume since the market’s inception amounts to €1.93 billion (crowdinvest.de, as of October 2024). Historically, the energy segment has accounted for approximately 15–20% of the total market.
Crowdfunding in Italy
In Italy, the 9th Crowdinvesting Observatory report from the Politecnico di Milano (July 2024) reports a total volume of €302.35 million (–5.3% YoY), of which €167.82 million was lending crowdfunding (+7.7%). The average lending interest rate in the first half of 2024 was 9.82%. Following ECSP licensing, only 33 authorized platforms remain active—down from 66 previously.
Crowdfunding in Spain
In 2023, Spain reached a total volume of approximately €380 million (+26% YoY), with currently around 27 CNMV-authorized platforms. Solar-specific returns, at 6.5–10.2% IRR, exceed German levels; however, the investment limits for retail investors are legally more restrictive (€3,000 per project, €10,000 per year per platform).
How does direct investment in solar power compare?
Direct investments in solar power starting at €100,000 yield a base return of 6–10% per year from electricity revenues over a 20–40-year term. However, the key advantage comes from tax law: With the investment deduction, special depreciation, and declining-balance depreciation, investors with a marginal tax rate of 42% or higher can make a very large portion of the acquisition costs tax-deductible in the first year, thereby achieving an after-tax return of up to 10–12% per year.
Three tax levers under the Income Tax Act
Unlike with crowd investing (where only withholding tax is due, with no depreciation potential), the tax office recognizes a privately owned commercial solar power system as a depreciable asset. Three factors work together:
Investment deduction (Section 7g(1) of the German Income Tax Act (EStG)): Up to 50% of the planned acquisition costs may be deducted from taxable income in advance. The maximum total investment deduction per taxpayer as of the balance sheet date is limited to €200,000 (Section 7g(1), sentence 4, EStG).
Special depreciation (Section 7g(5) of the Income Tax Act): An additional 40% of the acquisition cost over the first five years — effective as of the Growth Opportunities Act of 2024 (Federal Law Gazette I 2024 No. 108).
Declining-balance depreciation (Section 7(2) of the Income Tax Act): 15% per year of the remaining book value for PV systems, valid until December 31, 2027 (Immediate Investment Program).
A tax advisor should always assess whether these instruments are applicable in a specific case—the requirements (profit threshold, useful life, business allocation) are strict. Anyone wishing to understand the mechanism in detail can find a complete calculation example inthe Logic Energy Tax Guide on IAB and special depreciation.
The secondary effect: Duration and cash flow profile
A German direct PV investment relies on a 20-year EEG feed-in tariff plus continued operation—and it is precisely these legally guaranteed feed-in tariffs that are the key difference from short-term crowd-funding structures. Logic Energy’s standard contract terms include a 20-year base term with an option to extend up to 40 years. Crowd investing, on the other hand, typically runs for 3–7 years—the cash flow is short-term and predictable, but offers no long-term return prospects after repayment. For private investors seeking a 20-year perspective on renewable energy, Wattner SunAsset and Crowmie are the only structural exceptions in crowd investing.
The Reality of Risk: Which solar crowdfunding platforms have failed between 2024 and 2026?
The wave of insolvencies and restructurings from 2024 to 2026 has significantly shaken the solar crowd-investing sector and is shaping the current experiences of many investors in this field. Stiftung Warentest has documented 313 insolvent or defunct providers among the 2,500 crowd-investing issuers it examined. In 2024 and 2025 alone, cases such as econnext/Autarq, Sonneninvest, DEGAG WI8, and the Ecoligo restructuring occurred—investors who had relied on qualified subordinated loans, in particular, now bear the full financial risk.
Chronicle of Insolvency and Default Cases, 2024–2026
| Issuer / Platform | Date | Court / Case Number | Status / Risk |
|---|---|---|---|
| Sonneninvest Deutschland, LLC | 24.09.2024 | Erfurt Local Court 171 IN 290/24 | Bankruptcy |
| DEGAG WI8 / DEGAG Kapital GmbH | February 12, 2025 (BaFin §11a) | AG Hameln | Bankruptcy |
| econnext AG + Autarq GmbH + LUMENION + GRIPS Energy | 11.06.2025 | Charlottenburg Local Court (Preliminary Insolvency Proceedings: BBL Dr. F. Linkert) | Insolvency; sale process underway |
| Ecoligo (Berlin) | Delays starting in April 2025; restructuring with Trine through December 2026 | — (Qualified subordination prevents formal insolvency) | Restructuring |
| WI Property Company 66 (Exporo “Limespark”) | Proceedings initiated on March 26, 2025 | Stuttgart Regional Court 9 IN 1377/24 | Bankruptcy |
| te Solar Sprint IV (previous batch) | BaFin §11a May 12, 2022, Insolvency July 4, 2022 | AG Leipzig 401 IN 800/22 | Process in progress |
| Rendity (Austria, operating in the German market) | Cessation of Business Operations 02/2025 | — (Platform withdrawal) | Withdrawal from the market |
| Stiftung Warentest 2024: 313 of the 2,500 investment issuers examined are now insolvent or have been removed from the commercial register (approx. 12.5%). In Italy and Spain, no similarly large solar crowd-investing platform bankruptcies have been documented between 2024 and 2026; however, the Spanish platform Housers is under scrutiny due to massive investor complaints and CNMV fines (most recently €130,000). | |||
Why the UDI wave continues to have an impact to this day
The series of insolvencies within the UDI Group (UDI Energie FESTZINS 13 and several other investment products, BaFin reports starting in 2021) serves as the most significant historical warning in the German solar/renewables crowdfunding sector. Background: BaFin ruled the UDI subordination clauses for 2021/2022 invalid, triggering a wave of liquidation orders and insolvency filings. The Federal Court of Justice (BGH) decision III ZR 261/23 dated March 20, 2025, further clarified the issue of liability for managing directors in such scenarios—investors effectively benefit from this only if there are assets of value available. In most documented cases, there are not.
How will crowdfunding platforms be regulated in 2026?
The ECSP (EU) 2020/1503 crowdfunding regulation has been in effect throughout the EU since November 10, 2023. Platforms must hold a license from BaFin, Consob, or CNMV, may raise a maximum of €5 million per project sponsor over a 12-month period, and must provide a Key Investor Information Sheet (KIIS). However: Qualified subordinated loans with a pre-insolvency enforcement bar remain outside the scope of the ECSP Regulation —many German solar platforms remain under the VermAnlG regime and utilize Section 34f of the German Trade Regulation Act (GewO) as their intermediary status.
| Country | Supervision | Main Rules | Retail Investor Limits |
|---|---|---|---|
| Germany | BaFin | VermAnlG, KASG, ECSP Regulation + SF-BG | €1,000 per project under the VermAnlG without proof of assets |
| Italy | CONSOB + Bank of Italy | Legislative Decree No. 30 of 2023 + Consob Regulation No. 22720 of 2023 | in accordance with the ECSP standard, tailored to each platform |
| Spain | CNMV | Law 5/2015, Law 18/2022 (“Crea y Crece”) | €3,000 per project, €10,000 per year per platform |
Cross-border passporting has been in effect since November 2023: An ECSP license allows for distribution in all 27 EU member states. However, a national license is not a substitute for deposit insurance. In the event of the issuer’s insolvency, no guarantee fund applies—a total loss remains structurally possible.
The gap in qualified subordinated debt
A key point for investors: The standard German legal structure known as a “qualified subordinated loan with a subordination clause” does not legally qualify as crowdfunding under the ECSP Regulation because repayment is not guaranteed. Nor is it a traditional corporate bond—bonds are subject to the Securities Prospectus Act, which imposes significantly higher transparency requirements. Most traditional solar crowd-investing platforms in Germany (Bettervest, GreenVesting, Wattner, Econeers) continue to operate using the subordinated loan structure. As a result, they are not subject to the ECSP platform licensing requirement, and the level of investor protection remains at the VermAnlG standard. Any investor who believes that an ECSP license automatically guarantees protection is fundamentally mistaken.
Crowdfunding vs. Direct Investment: A Direct Comparison
Crowdinvesting scores well on three criteria—low minimum investment, broad diversification across multiple projects, and ESG transparency. Direct PV investment dominates on six criteria: ownership of the underlying asset, tax leverage, term, owner liability, cash flow substance, and EEG security. For investors with €100,000 or more in equity and a marginal tax rate of ≥ 42%, direct investment outperforms crowd investing structurally.
| Criterion | Direct Investment in Solar Power | Solar Crowdfunding |
|---|---|---|
| Minimum bet | up to €100,000 | €50–1,000 ( low) |
| Legal Status | Property rights | Subordinated claim |
| Gross return per annum | 6–10% | DE 4.0–7.5% · IT 6–10% · ES 6.5–10.2% |
| Tax incentives (Section 7g + special depreciation + accelerated depreciation) | Yes, up to 10–12% effective | No, just withholding tax |
| Duration | 20–40 years old | 3–7 years (exceptions: Wattner 11–12 years, Crowmie 20 years) |
| Liability of Contractual Partners | Personal liability of the owner of mediplan Helm e.K. (Sections 1, 17, 19 of the German Commercial Code (HGB)) | GmbH/UG/AG issuer, with share capital typically amounting to €25,000 |
| Insolvency protection | The asset remains the property of the owner; the owner's liability secures the claims | No deposit insurance fund, pre-insolvency enforcement bar, total loss possible |
| Diversification | Single project, or possibly multiple facilities | Multi-project distribution starting at €100 |
| Liquidity | Secondary market: moderate (sale of investments possible) | Illiquid until maturity (except for Crowmie and, to some extent, Ener2Crowd) |
| Supervision | Federal Network Agency (EEG), Commercial and Tax Law | BaFin (VermAnlG/ECSP), Consob, CNMV — depending on the country |
When Crowdinvesting Still Makes Sense
Crowdinvesting has a useful role to play—but as a supplement, not as a primary investment. For investors with a smaller budget (under €50,000) who prioritize climate protection and ESG impact and wish to diversify across multiple projects, allocating 5–10% of their liquid investment assets to crowdinvesting may be reasonable. On the other hand, those who can invest €100,000 or more and face a marginal tax rate of 42% or higher are leaving the tax leverage and real asset value untapped by opting for crowd investing. You can find a detailed overview of all four solar investment models (direct investment, funds, crowd investing, ETFs) in our direct investment comparison article.
Crowdfunding Beyond Solar: A Quick Reality Check
Even crowdinvesting in sectors outside the traditional real estate market—such as real estate and startups—will suffer from noticeably rising default rates between 2024 and 2026. Exporo-Limespark, Paulus Wohnbau (Zinsbaustein), Brickinvest, and several Companisto investments have cost investors millions. Solar ETFs offer high liquidity but massive volatility—not an option for income-oriented investors.
Real Estate Crowdfunding
The real estate crowd-investing platforms Exporo, Bergfürst, and Zinsbaustein—which were once advertised as “safe”—experienced several high-profile defaults between 2024 and 2026. Trustpilot reviews from Exporo investors show that a significant number of projects are facing delays or have entered formal bankruptcy proceedings. Paulus Wohnbau (over 1,000 investors via Zinsbaustein) and Brickinvest also went bankrupt in 2024.
Startup Crowdfunding
According to a Stiftung Warentest analysis, Companisto has been linked to at least 32 insolvencies or liquidations, resulting in approximately €12.6 million in losses for investors. Equity investments in startups inherently carry an even higher risk of loss than lending-based crowdinvesting—returns are highly volatile, and total loss is the statistical norm, not the exception.
Solar ETFs as an alternative
The iShares Global Clean Energy ETF (ICLN) and the Invesco Solar ETF (TAN) offer daily liquid exposure to solar companies worldwide. However, both ETFs have posted negative 5-year returns (ICLN –20%, TAN similarly), and volatility is extremely high (TAN drawdowns exceeding 70%). For income-oriented investors seeking cash flow and protection through tangible assets, ETFs are structurally unsuitable. Those looking for a direct comparison of PV versus traditional asset classes will find it in our overview of photovoltaics as an investment.
What changes took place in the market between 2024 and 2026?
Three key shifts are shaping the landscape in 2026—the yield gap between overnight money and time deposits is narrowing, the wave of insolvencies in solar crowdinvesting is exacerbating the risk profile, and the ECSP licensing requirement has halved the number of platforms in Italy. Anyone engaging in crowdinvesting in 2026 is structurally taking on more risk while the risk premium is declining.
The yield spread relative to fixed-rate alternatives has narrowed
As of early 2026, the best fixed-term deposit rates stand at around 2.85% p.a. for 12 months (Verivox 03/2026), while overnight deposit rates range from 1.9% to 2.3% p.a. (Biallo 03/2026). Compared to solar crowd investing at 5–7% gross, this leaves a gross spread of 200–500 basis points. After withholding tax and taking into account the default risk, the advantage shrinks further. For an investor comparing a fixed-term deposit at 2.85% net (around 2.1%) with crowd investing at around 3.5–4.0% net, the risk premium for platform insolvency is currently quite narrow.
The EU crowdfunding market is consolidating
In Italy, the implementation of the ECSP Regulation has effectively halved the number of authorized platforms—with the Politecnico di Milano most recently reporting 33 authorized platforms (down from 66). A market shakeout is also evident in Germany and Spain. Despite the political tailwinds for solar energy as part of the energy transition, only platforms with genuine scaling potential or a specialized model (Wattner, Ener2Crowd, Fundeen, Crowmie) remain viable in the medium to long term.
When Is It Worth It? — Three Types of Investors
The choice between crowd investing and direct investing depends on equity, marginal tax rate, and investment horizon. Three typical investor profiles illustrate when each model is most suitable.
| Profile | Equity | Recommendation | Reasoning |
|---|---|---|---|
| Private first-time investor in the ESG segment | €5,000–€30,000 | Crowdfunding for 5–10 projects | Diversification is possible; tax leverage is not relevant below a marginal tax rate of 30% |
| Private investor with a certain amount of capital | €30,000–€80,000 | Balanced portfolio: 20% crowd investing (max.), 80% fixed-income products/ETFs/savings plans | Below the direct investment threshold; crowd investing as a supplement |
| Entrepreneur / wealthy investor | €100,000 + | Direct investment in solar power as the core | A marginal tax rate of ≥ 42% makes tax leverage a decisive factor; ownership of assets + owner liability instead of platform risk |
This classification is a guideline, not personalized investment advice. The specific decision depends on your liquidity needs, other assets, and personal tax situation—and should be discussed with a licensed advisor.
Which model is the right choice for 2026?
Crowdinvesting has a place in 2026—as a complementary option for investors without a minimum capital requirement, with a short investment horizon, and who are motivated by ESG impact. But for investors with €100,000 or more in equity, who face a marginal tax rate of 42% or higher and have a 20-year perspective, direct PV investment is structurally superior: Ownership of the asset instead of a subordinated claim, full tax leverage instead of a flat withholding tax, a 20-year EEG guarantee instead of a 3–7-year fixed interest rate, and personal liability of the owner instead of a €25,000 GmbH share capital. The wave of insolvencies in 2024–2026 at econnext/Autarq, Sonneninvest, DEGAG, and Ecoligo serves as a reminder that, in a worst-case scenario, a subordinated claim means exactly that: you are at the very back of the line. Those who want to avoid this should rely on ownership, not crowdlending.
Consider direct investment as an alternative to crowd investing
A no-obligation initial consultation with a specialized financial advisor from our network of partners · mediplan Helm e.K. is personally liable
Request an initial consultation Learn more about the investment model →Opportunities and Mechanics of Direct Investment in Detail
Anyone who wants to calculate the full tax implications and ownership structure of a direct investment in detail will findall the necessary componentsinthe Logic Energy Pillar forphotovoltaic investments—from EEG feed-in tariffsand special depreciation to the2027 CfD window.
At Logic Energy, we have been building photovoltaic systems for over four decades—and we finance them for our investors through mediplan Helm e.K., which, as a registered merchant with unlimited personal liability under Sections 1, 17, and 19 of the German Commercial Code (HGB), serves as the contractual partner. This is the structural difference from any crowdinvesting structure: You are not purchasing a debt instrument, but rather becoming the owner of a specific system with a share in inverter revenue and a 20–40-year outlook. If you’d like to invest €100,000 or more and want to explore whether a direct PV investment fits your tax and wealth strategy, let’s discuss it with no obligation—we’ll calculate your individual scenario, including the § 7g EStG tax leverage, and show you specific available projects. Request a no-obligation consultation →
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 and are not a guarantee of future results. The applicability of specific tax instruments (Section 7g of the German Income Tax Act (EStG), special depreciation, and declining-balance depreciation) must be reviewed by a tax advisor. The contractual partner for PV direct investments is mediplan Helm e.K. (a registered merchant with personal liability of the owner pursuant to §§ 1, 17, 19 HGB). For your specific situation, please consult a licensed financial or tax advisor. All information is provided without warranty. As of May 2026.
FAQ
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With crowdinvesting, you provide a solar project operator with funds in the form of a subordinated loan and receive a fixed interest rate in return—you are a creditor. With a direct investment, you purchase a specific PV system as a movable asset—you are the owner and operator. This difference affects taxes, the term of the investment, liability, and protection against insolvency.
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In Germany, 4.0–7.5% gross per annum; in Italy, 6–10%; in Spain, 6.5–10.2% TIR. After withholding tax and the solidarity surcharge, German investors are left with a net return of approximately 3–5% per annum. Return figures are based on historical data and are not a guarantee of future results.
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Interest on crowdinvesting is subject to a 25% withholding tax plus the solidarity surcharge—no depreciation, no investment allowance. For direct PV investments, the investment allowance (up to 50%, max. €200,000, § 7g(1) EStG), a special depreciation allowance of 40% (§ 7g(5) EStG), and a declining balance depreciation rate of 15% p.a. (§ 7(2) EStG, valid until December 31, 2027). Individual eligibility must be verified by a tax advisor.
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No. Crowdfunding is not covered by the statutory €100,000 deposit insurance. In the case of qualified subordinated loans, the pre-insolvency enforcement bar applies—payments are prohibited if they would trigger insolvency. In the event of the issuer’s insolvency, a total loss is possible.
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The risks associated with crowd-investing in solar power can be divided into three categories: project risk (technical or financial difficulties with the plant), issuer risk (insolvency of the project company), and platform risk (withdrawal from the market or insolvency of the intermediary). In the case of qualified subordinated loans, the pre-insolvency enforcement bar also applies—payouts are prohibited if they would trigger insolvency. There is no deposit insurance; total loss is possible for all three types of risk.
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Sonneninvest Deutschland (AG Erfurt 171 IN 290/24, 09/2024), econnext/Autarq (Charlottenburg Local Court, 06/2025), DEGAG WI8 (BaFin §11a notification 02/2025), Exporo-Limespark (Stuttgart Local Court 9 IN 1377/24). Ecoligo is undergoing restructuring with Trine until 12/2026. Stiftung Warentest has documented 313 insolvent crowdfunding issuers among 2,500 investments examined.
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The contracting party is mediplan Helm e.K. (a registered business entity with unlimited personal liability of the owner pursuant to Sections 1, 17, and 19 of the German Commercial Code (HGB))—a sister company of Logic Glas GmbH, whose brand is Logic Energy. Unlike crowdinvesting issuers with a GmbH structure and €25,000 in share capital, the owner here is personally liable with his or her private assets.
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Yes—for ESG diversification and short-term cash flow smoothing, an allocation of 5–10% of liquid investment assets may be justifiable. Prerequisites: diversification across at least 5–10 projects, restriction to BaFin/Consob/CNMV-licensed platforms with a proven track record, and realistic expectations regarding the risk premium. Anyone investing €100,000 or more who relies solely on crowd investing is leaving the tax leverage and ownership of the underlying assets untapped.
Sources
§ 7g EStG (Investment Allowance and Special Depreciation) — Legal basis for the Investment Allowance (50%, max. €200,000) and Special Depreciation (40%) for direct investments in photovoltaic systems
§ 7(2) of the Income Tax Act (declining balance depreciation) — Legal basis for the 15% declining balance depreciation on PV systems through December 31, 2027
Investment Act (VermAnlG) — Regulatory Framework for Qualified Subordinated Loans and Section 11a Reporting Requirements
ECSP Regulation (EU) 2020/1503 — EU-wide crowdfunding regulation, fully applicable as of November 10, 2023
BaFin — Section 11a of the Investment Services and Capital Market Act (VermAnlG) – DEGAG WI8 Filing (February 12, 2025) — DEGAG WI8’s insolvency filing as evidence of the 2025 wave of insolvencies
BaFin — Consumer Information on Crowdfunding — BaFin's Official Overview of Crowdfunding Risks and Regulation
Insolvency Notices in Germany — Official Register for Verifying Case Numbers (Sonneninvest, Exporo-Limespark, etc.)
Politecnico di Milano — Crowdinvesting Observatory — 9th Italy Crowdinvesting Report (July 2024) with a market volume of €302.35 million and an average interest rate of 9.82%
crowdinvest.de — German Crowdinvesting Statistics — Cumulative German crowdinvesting volume: €1.93 billion (as of October 2024)
Statista — Crowdfunding Market Forecast for Germany — Equity Crowdfunding Volume in 2024: Approximately €47 Million
Stiftung Warentest — Crowdfunding: Often Risky — Analysis of 2,500 Crowdfunding Issuers with 313 Insolvencies (12.5%)
Stiftung Warentest — Controversy Over Late Payments at Ecoligo — Documentation of Ecoligo's Payment Delays and Trine's Restructuring
AKH-H Attorneys at Law — Exporo Limespark & Other Bankruptcies — Insolvency of the Exporo "Limespark" Project (Stuttgart Local Court 9 IN 1377/24) and Brickinvest
AKH-H Attorneys at Law — UDI Insolvency Overview — Historical UDI Insolvency Cascade as the Precursor to the Current Wave
Wattner SunAsset 9 — Product Page — 4.0–4.5% tiered interest rate, €5,000 minimum investment, 11–12-year term
Bettervest — Investor FAQ — Minimum investment of €50, interest rate range, and subordinated structure
Ener2Crowd — Platform Analysis: Crowdinform — Italian solar lending platform offering 6–10% gross interest
Fundeen — Spanish Energy Investment Platform (Review) — ~7% APR, €500 minimum investment, regulated by the CNMV
Crowmie — Tokenized Solar Investment in Spain — 8.0–10.2% IRR, up to 20-year term
pv magazine — Solar Farm Returns for Investors — 5–8% Return on Equity for Solar Farms in Germany in 2025
Biallo — Crowdinvesting Provider Overview — Comparison Basis and Money Market Account Rates: 1.9–2.3% p.a. (as of March 2026)
Verivox — Fixed-Term Deposit Comparison — 12-Month Fixed-Term Deposits Up to 2.85% p.a. (As of March 2026)
