Field Notes · Vol. III · Spring 2026
Notes from the field, the spreadsheet, and the pole.
Working papers from our analysts. Methodology pieces, audit case studies, tariff explainers, and the occasional grumpy essay about installer-marketing math. New entries every two weeks.
Loan structure · stylized
$28,400 systemCash price$24,200
Dealer fee (markup)$6,800
Misc. fees$880
Total financed$31,880
The “0.99% APR” advertised on the loan only makes sense if you ignore the 22% premium baked into the principal. Effective rate: ~8.4%.
Featured · Capital
The dealer fee is the most expensive line item in your solar loan.
Why a "0.99% APR" loan can cost you $9,400 more than the cash equivalent — and how to spot the embedded markup before you sign.
Mar 18, 2026·11 min read
Tariffs
14 minNEM 3.0 didn't kill solar in California. It killed solar without batteries.
A year of post-NBT data shows the math is now battery-or-bust. Here's what the export-rate decay schedule actually means for your payback.
Feb 28, 2026→
Audit
9 minWhy every installer's year-1 production number is 8% high.
We audited 312 proposals across six states. Median overstatement of first-year kWh: 8.4%. The reasons are mostly structural, not malicious.
Feb 11, 2026→