Solar loans

Most people don’t have the upfront capital necessary to purchase a solar panel system outright. Fortunately, solar loans are available for those who want to go solar with $0-down and reap the financial benefits of owning a solar panel system.

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Common questions

What are the average terms and interest rates for solar loans?

Most solar loans range from 10-25 years, and have interest rates between 0.99% and 5.99%.

What fees apply to solar loans?

Like other types of loans, most solar loans come with at least one of the following fees:

Origination fees
Dealer fees
Closing costs

Origination and/or dealer fees are the most common. There’s no industry standard for the fee amount; it’ll vary depending on your financier, the terms of the loan, and more.

Learn more about solar loan fees

Where can I find a solar loan?

Many different types of financial institutions offer solar loans, including:

Local banks and credit unions
National lending institutions
Public-private partnerships
Utility companies
Municipalities
Specialized solar lenders

Review a full list of companies that offer solar loans

If you’re working with a solar installer already, it’s likely they have prior relationships with lenders and can come to the table with a variety of financing options that include different terms and interest rates. You can also obtain your own loan directly from one of the lending institutions listed above. If it’s an option for you, home equity loans or home equity lines of credit often offer some of the more favorable terms.

Do solar loans have minimum credit requirements?

In most cases, yes – like other types of financing options, banks and financial institutions offering solar loans want to ensure credit worthiness before lending. That said, there are several state organizations, non-profits, or programs that offer accessible solutions for those with low income or low credit scores.

What are the most popular solar loan financiers?

According to our most recent EnergySage Marketplace Intel Report, the most commonly quoted solar loan financiers nationwide include:

Sunlight Financial
Salal Credit Union
Sungage Financial
Clean Energy Credit Union
Energy Loan Network
Mosaic

How do I get a solar loan quote on EnergySage?

If you haven’t received any solar quotes yet…

We recommend adding a note to your account letting installers know that you’d like to finance your system with a solar loan. In the Project Preference section of your Marketplace, select “I want to own my solar power system and finance it” under the Ownership & Financing section.

If you’ve already received solar quotes…

Head over to the Message Center and contact installers directly to request an update to your quotes. Remember, solar companies often partner with multiple financiers and can present a variety of options. If you’ve already received a loan quote but want a solution with a lower monthly payment, shorter or longer term rate, or a different type of loan, simply reach out to the sales representative that provided you a quote and let them know what you’re looking for!