Direct Investment in Solar Power: What It Is, How It Works, and How It Differs from Funds
Excerpt
Anyone looking to invest in solar energy or renewable energy—whether through solar installations, photovoltaic investments, or direct investments in photovoltaics—will encounter at least four different models: closed-end solar funds, crowd investing via subordinated loans, solar ETFs—and direct photovoltaic investments. The names sound similar, but they involve fundamentally different legal relationships, tax structures, and risk profiles. This article provides you with an overview and all the information you need to make an informed decision—objectively, without any product pitches. It is aimed at investors, entrepreneurs, and anyone seriously considering whether a direct photovoltaic investment aligns with their tax and financial situation.
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A direct investment in photovoltaics means: You become the owner of an actual PV system—no fund shares, no loans, no ETF securities. The solar power generated by the PV system belongs to you. The revenue comes from feed-in tariffs, direct sales, and self-consumption. Only this model allows for the combination of the investment deduction (IAB) (50%), special depreciation under Section 7g(5) of the German Income Tax Act (EStG) (40%), and declining balance depreciation (30%)—tax benefits for direct photovoltaic investments that are structurally unavailable to investors in funds, crowd investing, and ETFs. The regulatory window for 20 years of guaranteed EEG feed-in tariffs closes with the planned system change in 2027.
→ Here's how it works with a specific provider: How direct investment works with Logic Energy →
Table of Contents
What is a direct investment in solar power?
A direct investment in photovoltaics involves acquiring ownership of a specific, physical PV system. In this arrangement, the investor becomes the owner of all components of the photovoltaic system—including modules, inverters, and other technical components. The investor owns the asset—not as a fund shareholder, not as a lender, and not as a security holder. This directly results in three key benefits: physical liability coverage, tax treatment as business assets, and a 20-year feed-in tariff guaranteed by law under the Renewable Energy Act.
A direct investment in solar power thus allows investors to invest directly in a solar power system and become the owners of all its components—this is the fundamental difference from all other models on the market.
That may sound obvious, but it isn’t. In practice, terms like “PV investment,” “direct solar investment,” or “investing in photovoltaics” are used to market a wide variety of investment structures—ranging from bonds and subordinated loans to exchange-traded funds. The key difference lies in their legal nature:
Direct Investment in Photovoltaics: You are the owner of a photovoltaic system, which is classified as a depreciable movable asset (Section 7g of the German Income Tax Act). The system is registered in your name for both tax and civil law purposes—this is the cornerstone of any reputable direct solar investment.
Closed-end fund: You hold a limited partnership interest in a company that, in turn, owns solar power plants. No direct ownership, no individual depreciation deductions.
Crowdfunding / Subordinated loans: You provide a loan and receive interest in return. You own neither the investment nor any shares—only a claim that will be repaid last in the event of insolvency.
Solar ETF: You hold shares in an exchange-traded fund that invests in the stocks of solar companies. This has no connection to any specific photovoltaic system.
The investment amount, the risk-return profile, and the tax implications differ fundamentally between these models—a comparison based solely on stated returns leads to misinformation. Anyone looking for insights into direct photovoltaic investments should understand these exact differences before comparing providers such as Denpro, ohana invest, or Logic Energy. You can find a classification of all investment options within the broader market in the overview guide Photovoltaics as an Investment 2026.
A direct comparison of the four investment models
PV investments, direct solar investment models, crowd investing, and solar ETFs differ not primarily in terms of return rates, but rather in ownership structure, tax implications, and loss protection. The following overview highlights these structural differences—for investors who want more than just the basic information found in a prospectus.
| Criterion | Direct Investment in Solar Power | Closed-End Solar Fund | Crowdfunding | Solar ETF |
|---|---|---|---|---|
| Legal Nature | Owner of the solar power system | Limited partnership interest (KG) | Lender (subordinated) | Fund share (security) |
| Typical annual return | 6–10% (before tax)10–12% with IAB + special depreciation | 4–8%(projected) | 4–8% fixed interest rate | Highlyvolatile 3-year average: −4.65% per annum ¹ |
| Total investment | starting at approx. €50,000–€100,000 | from €1,000 to €20,000 | from €50 to €1,000 | Starting at €1 (savings plan) |
| Tax Benefits: IAB / Depreciation | Yes, full use | No, structurally impossible | No. Not possible. | No. Not possible. |
| Tax impact in the first year | up to 62–85% of the investment | ~3–5% | 0 % | 0 % |
| Liquidity | Very low | Very low | None (until maturity) | Traded daily |
| Maximum risk of loss | Average depreciation, EEG protection | High risk of total loss | High total loss in the event of insolvency ² | High drawdown: −70% to −75% ³ |
| 20-Year EEG Grandfathering Provision | Yes | Depends on the fund | Depends on the project | No, none |
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¹ iShares Global Clean Energy UCITS ETF (IE00B1XNHC34), 3-year annualized return as of Dec. 31, 2025. Source: iShares Fact Sheet. ² Specific insolvency cases: Sonneninvest Deutschland GmbH (insolvency Sept. 2024, Erfurt Regional Court); te Solar Sprint IV (insolvency May 2022, Leipzig Regional Court, BaFin warning of total loss). Sources: ecoreporter.de, akh-h.de. ³ Invesco Solar ETF (TAN): −37.62% in 2024, −26.79% in 2023. Source: Yahoo Finance. Return figures for direct PV investment: Helm Group / mediplan Helm e.K. Portfolio data for 2024 — no guaranteed values. Direct comparison of figures is only of limited significance due to differing risk structures, tax implications, and investment timeframes. |
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Note on return comparisons: Information on returns for direct PV investments is based on providers’ model calculations and portfolio data—these are not guaranteed figures. Solar ETF performance is historical and does not constitute a forecast. A direct numerical comparison is of limited value, as the risk profile, tax implications, and investment horizon differ fundamentally.
Physical Ownership: What the Inverter Model Means
With direct photovoltaic investment, the investor acquires physical ownership of a specific part of the photovoltaic system—in practice, often one or more inverters along with the associated array of modules. This structure makes the PV system a customizable asset under tax law and allows for full tax benefits—a key advantage over funds, bonds, and ETFs.
The so-called inverter model works as follows:
The investor acquires legal ownership of a defined portion of the photovoltaic system—typically delineated by inverter units.
An operator is responsible for planning, construction, maintenance, and commercial management under a long-term operating agreement.
The electricity generated is compensated based on the owner's share of the total system—through the EEG feed-in tariff, direct marketing, or a power purchase agreement (PPA).
The revenue goes directly to the investor—not as a fund distribution, but as compensation for solar power fed into the grid or consumed on-site from their own property.
The key tax implication: Since the investor acquires a photovoltaic system as a depreciable movable asset under fixed assets, he or she can claim the investment deduction and special depreciation under Section 7g of the German Income Tax Act (EStG). With a fund or loan, this is structurally impossible—investors do not acquire an asset in those cases.
More on the tax implications: All tax benefits for PV investors in 2026 →
Three sources of revenue from a direct investment in solar power
A direct investment in photovoltaics has three independent sources of revenue: the EEG feed-in tariff, which is guaranteed by law for solar power fed into the grid; market-based direct sales through electricity suppliers; and self-consumption, where electricity is generated directly for personal use. Which source of revenue is the most significant depends on the type of system, its size, and the sales model.
Revenue Source 1 — EEG Feed-in Tariff
For electricity generated by a solar power system and fed into the public grid, the grid operator pays a feed-in tariff set by law for a period of 20 years. The Renewable Energy Act guarantees this feed-in tariff as a fixed source of income—regardless of the market price of electricity. The current rates (valid from February 1 to July 31, 2026):
Partial feed-in up to 10 kWp: 7.78 cents/kWh
Partial feed-in 10–40 kWp: 6.73 ct/kWh
Partial feed-in 40–100 kWp: 5.50 cents/kWh
The feed-in tariff decreases by 1% every six months (Section 49 of the EEG 2023). Next reduction: August 1, 2026. Source: Federal Network Agency — EEG Subsidies and Rates.
Starting at 25 kWp, the Solar Peak Act (February 2025) mandates direct marketing. Photovoltaic systems without smart meters will be limited to 60% of their feed-in capacity.
More on the evolution of feed-in tariffs: Declining feed-in tariffs in 2026: What this means for investors →
Revenue Stream 2 — Direct Sales
Larger PV systems (mandatory for systems of 25 kWp or more; voluntary but attractive for all others) sell solar power directly on the wholesale market. The market value of solar fluctuated significantly in 2025: from 2.00 ct/kWh (May) to 11.51 ct/kWh (January), with an annual average of 4.51 ct/kWh (Netztransparenz.de — Market Value Overview 2025). In the case of subsidized direct marketing,themarket premiumstepsin as compensation if the market valuefalls below the applicable value—this limits the downside risk and creates stability for the rest of the portfolio.
For photovoltaic systems not eligible for EEG subsidies, power purchase agreements (PPAs) are becoming increasingly important: these are long-term supply contracts at fixed prices, currently in the range of 55–65 EUR/MWh.
Read more: Direct PV-Electricity: Why the market price doesn’t tell the whole story →
Revenue Source 3 — Self-consumption
For rooftop systems on commercial properties, the operator or a tenant can consume the electricity they generate directly—generating power right where it is used. Instead of a feed-in tariff of 5.50–7.78 ct/kWh, solar power replaces expensive grid purchases. The economic benefit is structurally higher because grid fees, surcharges, and taxes are eliminated. For companies with high self-consumption, this component is often the most profitable part of the PV investment.
Learn more: Solar PV with battery storage: Maximize self-consumption →
What Really Determines the Return on a Direct PV Investment
The return and profitability of a direct PV investment depend less on the provider’s prospectus than on three structural factors: the location and type of system, the certainty of financing before construction begins, and the quality of long-term operations management. Anyone who fails to evaluate these three factors when evaluating a provider is comparing figures without context.
Factor 1 — Location and Plant Type
Anyone looking to invest in solar systems or make a PV system investment should understand that location is the most important factor. In Germany, the specific annual yield varies between 900 and 1,150 kWh/kWp, depending on the region’s solar radiation levels. Locations in Bavaria and Baden-Württemberg achieve an average yield that is 5–8% higher than locations in northern Germany. A solar park with optimal orientation typically yields 8–12% more than comparable rooftop systems. Turnkey system costs for commercial photovoltaic systems stood at around €800–1,300/kWp net (50–200 kWp) and €700–1,100/kWp (100–500 kWp) at the beginning of 2026. Costs decrease further for larger PV systems and ground-mounted installations.
Source: How much will a solar investment cost in 2026? →
Factor 2 — Securing financing before construction begins
A common mistake when selecting a provider: projects in which investment is secured before approval has been granted shift the full development risk onto the investor. The model with secured financing before construction begins means that banks have already reviewed and approved the project. The investor only comes on board afterward—without any approval risk. This difference is more critical to the actual return achieved than nominal return promises.
Factor 3 — Long-term management and transparency
A 200-kWp photovoltaic system generates approximately 3.4–4 million kWh of solar power over 20 years—emission-free, with no fuel costs, and making a direct contribution to reducing CO₂ emissions. The technical lifespan of modern PV systems is 25–30 years, which allows for continued energy production without a feed-in tariff guarantee after the 20-year EEG subsidy period expires.
Technical revenue shortfalls caused by poor monitoring or delayed maintenance add up to significant losses in returns over the course of the project’s lifespan. Transparency is not a bonus here, but a prerequisite: sound operational management includes monthly revenue reporting, remote monitoring at the inverter level, performance ratio checks, and clear escalation procedures in the event of deviations.
Tax benefits that apply only to direct investments
Three tax incentives are available exclusively to investors who acquire physical ownership of a solar power system: the investment deduction (IAB) under Section 7g(1) of the German Income Tax Act (EStG), the special depreciation under Section 7g(5) of the EStG, and the declining-balance depreciation under Section 7(2) of the EStG. The combination of these instruments provides tax relief that neither fund investors, crowdinvesting investors, nor ETF holders can achieve.
IAB — Investment Tax Credit (Section 7g(1) of the Income Tax Act)
The photovoltaic investment tax credit (IAB PV system) is the most effective tool for reducing the tax burden before the actual investment is made. It works by reducing taxable income in advance:
Depreciation rate: 50% of the estimated acquisition cost — already in the year prior to commissioning
Maximum amount: €200,000 per business (total of all outstanding IABs)
Profit threshold: €200,000 in the tax year
Investment period: 3 years following the year of deduction
Source:Section 7g of the Income Tax Act (EStG) — gesetze-im-internet.de
Special depreciation under § 7g(5) of the Income Tax Act
The special depreciation under Section 7g(5) of the Income Tax Act (EStG) supplements the IAB and increases the tax relief in the year of acquisition. Important: It is calculated based on the tax base reduced by the IAB deduction—not on the original acquisition cost. This is not a disadvantage, but rather the correct mechanism: the IAB and special depreciation work in tandem.
Amount: 40% of the acquisition cost reduced in accordance with the IAB adjustment
Increased by: the Growth Opportunities Act, in effect since March 27, 2024
Applies to: Solar systems and other assets acquired after December 31, 2023
Period: In the year of acquisition and the following 4 years — freely distributable
Straight-line depreciation — the basic depreciation method
In addition to IAB and special depreciation, traditional straight-line depreciation is also available:
Rate: 5% per annum on the acquisition cost (reduced in accordance with IAB)
Term: 20 years — corresponding to the standard useful life for PV systems as defined by official guidelines
Effect: Continues to reduce the tax burden steadily over the entire term, even after special depreciation and declining-balance depreciation have been fully utilized
In practice, photovoltaic systems have a technical lifespan of 25–30 years—making the tax depreciation period of 20 years a conservative estimate. Systems that continue to operate after the end of the depreciation period and after the EEG feed-in tariff expires produce electricity at virtually no cost.
Declining-balance depreciation (Section 7(2) of the Income Tax Act) — 2025 Immediate Investment Program
Current rate: 30% of the remaining book value, up to three times the straight-line depreciation rate
Applies to: New installations after June 30, 2025, and before January 1, 2028
For photovoltaic systems: useful life of 20 years → straight-line depreciation rate of 5% → declining-balance depreciation rate of 15% (3 × 5%, below the 30% maximum)
The result of this combination: saving on taxes and maximizing returns from direct investments in solar power
Example: Commercial photovoltaic system, acquisition cost €400,000, purchased in 2026.
Investment deduction in the previous year: 50% × €400,000 = €200,000 reduction in taxable income → Tax refund at a marginal tax rate of 45%: ~€90,000
Special depreciation for a solar power system on a reduced basis (€200,000): 40% = €80,000 in the first year
Declining-balance depreciation on the remaining book value (€120,000): 15% = €18,000
Total for the first year (tax-deductible): ~€298,000 out of €400,000 = 74.5% of the total investment
The tax break thus serves as a direct component of the total return. The ongoing income from the direct photovoltaic investment—feed-in tariffs, direct sales revenue, and savings from self-consumption—is added on top over a 20-year period. This makes direct PV investments particularly attractive for investors with a high marginal tax rate.
⚠️ Note: This section is provided for general information purposes only and does not constitute tax advice. The applicability of IAB, special depreciation, and declining-balance depreciation depends on your individual tax situation. Please consult a licensed tax advisor. All information is provided without warranty. As of April 2026.
Why doesn't this work for mutual funds and crowd investing?
In a closed-end solar fund, the investor is technically a co-investor but does not acquire any assets of their own. The tax requirements for the investment deduction and special depreciation—individual depreciable movable assets, 90% business use, and an individual profit limit—cannot be met at the investor level within a fund structure.
The situation is even clearer when it comes to subordinated loans and crowd investing: The investor provides debt capital and receives interest. The investor does not acquire a photovoltaic system or depreciation rights. Interest income is taxed as investment income subject to withholding tax (25% + solidarity surcharge, effective 26.375%). No tax relief is available on the investment amount.
Solar ETFs are taxed under the Investment Tax Act (InvStG, effective since 2018). Investors hold fund shares—which are not considered assets within the meaning of Section 7g of the Income Tax Act (EStG), and therefore do not qualify for special depreciation or an investment tax credit.
Checklist: What a reputable provider must offer
A direct solar investment is only as strong as the partner behind it. When you become the owner of a solar power system, you delegate the planning, construction, and operation to a provider—this creates a long-term dependency that should be thoroughly evaluated before making the investment. Mistakes made in the selection process cannot be corrected over the course of 20 years.
A complete value chain from a single source —site acquisition, planning, construction, and operation of solar power plants. Not just sales with subcontracting to third parties.
Project approved internally prior to investor involvement — The investor should not commit until approval has been granted. No development risk — the launch can be planned.
Project financing secured before construction begins — the bank has approved the financing, and costs are fixed. No further financing rounds will be required after investors come on board.
The operator’s personal liability —whether as a sole proprietor (e.K.) or a general partner—provides security and a different basis for liability than a standard LLC structure without personal risk.
All-risk insurance — Reputable direct PV investments are covered by all-risk insurance that protects against technical risks, loss of revenue, weather events, and theft. If all-risk insurance isn’t included, that’s not a good sign.
Transparent yield monitoring — monthly reports, remote access to inverter data, and performance ratio comparisons against benchmarks. Transparency is not just a promise; it is a contractual obligation.
Track record of completed projects — No projections, but rather verified actual data from existing photovoltaic systems. At least 3–5 years of operational experience in the portfolio.
Independent technical review — Technical advisors assess the site, the quality of the system, and the projected output before construction begins, independently of the provider. Without this review, a key safety measure is missing.
Clear contractual structure — a purchase agreement for the asset, a separate management agreement, with the term and renewal options set forth in writing. No generic link to general terms and conditions instead of clear, specific documents.
The 2026 regulatory window
The current Renewable Energy Act guarantees new installations a fixed feed-in tariff for 20 years—secured from the date of commissioning. The EU’s state aid approval for this system expires on December 31, 2026. A leaked draft proposal from the Federal Ministry for Economic Affairs and Energy (BMWK) dated January 2026 proposes replacing the feed-in tariff for photovoltaic systems with a market-based Contracts-for-Difference mechanism starting in 2027. Grandfathering provisions for solar systems commissioned before December 31, 2026, have been maintained in all previous EEG reforms.
What specifically is known (as of April 2026)?
Draft Bill “EEG 2027-ArbE” (January 22, 2026): Abolition of the traditional feed-in tariff for new installations effective January 1, 2027. To be replaced by grid operator purchase at market value and a CfD cap mechanism for revenues exceeding the applicable value. Solar installations under 100 kW are exempt from the levy. Source: CfD Requirement 2027 — What PV Investors Need to Know Now →
Status: Early working draft; not a cabinet decision. Significant political opposition from the SPD, BEE, and BSW Solar. Changes to the content are likely.
Important deadlines for investors:
August 1, 2026 — Next semi-annual reduction in EEG feed-in tariffs (−1%)
December 31, 2026 — Last day for commissioning under the current Renewable Energy Act with a 20-year fixed feed-in tariff
December 31, 2027 — The time limit for declining-balance depreciation (Immediate Investment Program) expires
The lead time for turnkey commercial PV projects ranges from 6 to 18 months, depending on the type of system. Anyone aiming to have their system commissioned by December 31, 2026, should not delay submitting their request until the fall—the window of opportunity closes based on the planning schedule, not the deadline.
Consider direct investment
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Request an initial consultation Learn more about the investment model →How direct investment with Logic Energy works →
Legal Notice: 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 March 2026.
Direct investment or mutual funds — making a decision requires data, not brochures
A comparison between direct photovoltaic investments, closed-end solar funds, and crowd investing can be clearly presented on paper. What it doesn’t do, however, is assess whether photovoltaics as an investment aligns with your specific tax situation, liquidity horizon, and return requirements. Logic Energy supports investors from the initial feasibility analysis through to the ongoing management of the investment. If you’d first like to understand the general market landscape for photovoltaics as an investment, read our Pillar guide “Is Photovoltaics Worth It?” —there you’ll find all four investment paths explained in detail. If you’d like to specifically assess whether the direct investment model fits your tax and financial situation, we’ll conduct a no-obligation initial consultation—send us an email or use the contact form. No time pressure, just numbers and clarity.
FAQ
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With a direct investment in photovoltaics, you become the owner of a physical photovoltaic system—which is treated as a depreciable movable asset on your balance sheet. With a solar fund, you hold a limited partnership interest in a company that owns solar systems. This difference is crucial for tax purposes: the investment deduction (IAB) and special depreciation are available only to the owner of the asset—not to the fund unit holder. Investors in funds are structurally unable to take advantage of these tax benefits.
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No. With a subordinated loan, you are providing debt capital—you are not purchasing a photovoltaic system. Interest income is taxed as investment income at a flat rate of 25%. The investment deduction and special depreciation under Section 7g(5) of the German Income Tax Act (EStG) require the acquisition of a depreciable movable asset—which is structurally not the case with a loan. Tax relief on the investment amount is not available.
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Valid from February 1 to July 31, 2026: Partial feed-in up to 10 kWp: 7.78 ct/kWh. Partial feed-in 10–40 kWp: 6.73 ct/kWh. Partial feed-in 40–100 kWp: 5.50 ct/kWh. The feed-in tariff decreases by 1% every six months in accordance with Section 49 of the Renewable Energy Sources Act. Source: Federal Network Agency.
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Existing plants are protected by grandfathering provisions—this has been the case in all previous EEG reforms. Those who complete commissioning by December 31, 2026, will receive 20 years of guaranteed remuneration under current law. The planned CfD system change in 2027 applies exclusively to new plants. The working draft from January 2026 is in the early consultation phase, and significant changes are likely.
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The photovoltaic investment deduction (IAB, Section 7g of the German Income Tax Act) allows 50% of the planned acquisition costs to be claimed for tax purposes in the year prior to the investment—up to a maximum of €200,000 per business. At a marginal tax rate of 45%, this corresponds to a tax refund of up to €90,000 on the maximum amount. Requirements: Profit under €200,000, at least 90% business use, investment within 3 years. For information regarding your individual tax liability, please consult a tax advisor.
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A direct PV investment is a real-asset investment with limited liquidity. There is no regulated marketplace or secondary market, as is the case with ETFs or stocks. The investment can generally be sold, but finding a buyer and completing the transaction takes time. The capital should be committed for the full EEG term (20 years)—with the potential for further returns over the technical lifespan of 25–30 years. Anyone who needs short-term returns should clarify this before investing.
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For commercial photovoltaic systems (30–100 kWp), turnkey costs stood at around €800–1,300/kWp (net) in early 2026. For larger solar systems (100–500 kWp), costs typically ranged from €700 to €1,100/kWp (net). Average across all segments (turnkey): approximately €1,015/kWp — a decline of about 4% compared to 2025 and the lowest level since market monitoring began. For a direct investment of 100 kWp or more, this translates to a minimum investment of approximately €80,000–110,000 (excluding battery storage). Detailed cost breakdown in the article “What Will a PV Investment Cost in 2026?”. Sources: Fraunhofer ISE CurrentFacts on Photovoltaics in Germany (Q1 2026), BSW Solar Market Data Q1 2026.
Sources
Federal Network Agency — EEG Subsidies and Subsidy Rates — Current Feed-in Tariffs — Updated Continuously
Laws on the Internet — Section 7g of the Income Tax Act (EStG) — Investment Deductions and Special Depreciation — Current
Laws on the Internet — Section 7 of the Income Tax Act (EStG) — Depreciation Allowance, Declining Balance Method — Current
iShares (BlackRock) — iShares Global Clean Energy ETF Fact Sheet — Performance Data as of December 31, 2025 — December 2025
Yahoo Finance — Invesco Solar ETF (TAN) Performance History — January 2026
BondGuide — New Issue: reconcept Solar Bond Germany III 2025/31 — December 2024
Ecoreporter — Sonneninvest Deutschland Under Receivership — October 2024
AKH-H Attorneys at Law — te Solar Sprint IV Subordinated Loan — Risk of Total Loss — 2022
GÖRG Attorneys at Law — Draft EEG 2027: An Overview of the Initial Reform Plans — March 2026
Finanztip — Feed-in Tariff 2026: Amount, Trends & Planned Reforms — As of March 4, 2026
Green House — How much will solar power cost in March 2026? — March 2026
Haufe — Growth Opportunities Act: Key Tax Changes — March 2024
Fraunhofer ISE — Current Facts on Photovoltaics in Germany — Turnkey System Prices for Q1 2026 — As of March 2026
BSW Solar — German Solar Industry Association — Photovoltaic Market Data for Q1 2026 — As of Q1 2026
42watt — Solar Power Costs in 2026: Prices per kWp — Average System Price: €1,015/kWp — March 2026
