I am planning on investing in a solar system for my house in the next couple of months - Based on what I'm getting, I should be getting somewhere in the area of a 10K tax credit.
Now, the loan for the solar system wants me to apply the credit to the loan to drop my monthly payment down.. But I'd still be paying on the loan for \~30 years. I'm fine with that if need be, worst case scenario I count for the payoff in the cost of the house if/when I sell. I can afford the higher payment, but it'll be a little uncomfortable for a bit.
What I'm curious about though.. Is there something I could do with that credit that would let me double or triple it in the next 2-5 years? Then I could turn around and pay the loan off immediately instead of dragging it out over 30 years.
Alternatively, same question but for a lesser amount - Say I put half of the credit towards the loan to have a little easier payment, and use the other half to try and grow it in the next 5 years to pay off the loan. Is that possible?