Solar Panel Financing

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Solar Panel Financing

Solar Panel Loans

Investing in solar power for your home can provide several financial and environmental benefits, increasing your home’s value and leaving you with cheap energy bills. While this process can save you money in the long run, it’s quite expensive up-front. For this reason, many people choose to finance this project by other means.

If you’re considering having solar panels installed in your home, you may already have considered how you’ll cover the cost of the installation. Read on to learn about solar panel financing: the cost involved, necessary credit history, and some of the best lenders for this job.

Applying for a solar panel loan is fast and easy:

Fill out a simple and fast online application in just minutes

Compare best personalized rates and choose your loan offer

Borrow up to $100,000 as fast as next business day

Absolutely no negative impact on your credit score, ever.

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How it Works
Apply in minutes

Get pre-qualified in less than 2 minutes and compare offers from top lenders with no impact on your credit score.

Choose your offer

Compare and choose an offer that works best for you based on your timeline and budget needs.

Get funded

After your loan is approved with the lender of your choice, receive your funds as fast as 1-2 business days.

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Can solar panels be financed?

Yes, you can pay for solar panel installation on finance. The most commonly used methods of payment are personal loans, FHA loans, home equity loans, and home equity lines of credit (HELOCs). We’ll guide you through all your options shortly.

What are the best solar panel financing lenders?

Here are our top five lenders for solar panel financing:

  • Best Egg
  • Discover
  • LightStream
  • PenFed
  • Sofi

While these are some of the best lenders, they’re not the only lenders offering favorable financing terms. To find the best loan for your circumstances, compare the rates of the loans in our tables.

Best Egg

Best Egg Personal Loan

Best Egg

Funding: Borrow $2,000 - $50,000
Minimum Credit Score: 640
APR: 5.99 - 29.99%
Loan term: 3 - 5 years
Funding turnaround: 1 - 3 business days

With Best Egg personal loans, borrowers with fair to good credit can get funding for 3-5 years and have the option to use the loan for a variety of purposes.


Discover Personal Loans Review


Funding: Borrow $2,500 - $35,000
Minimum Credit Score: 660
APR: 5.99% - 24.99%
Loan term: 3 - 7 years
Funding turnaround: within 24 hours

With Discover personal loans, borrowers can apply up to $35K in funding as fast as next business day. Best for those who want to consolidate debt and have a good credit score.


Lightstream Personal Loans


Funding: Borrow $5,000 - $100,000
Minimum Credit Score: 660
APR: 2.49% - 19.99%
Loan term: 2 - 7 years
Funding turnaround: as soon as same business day

LightStream offers up to $100k personal loans as soon as same business day without origination fees and easy to use mobile app.




Funding: Borrow $5,000 - $100,000
Minimum Credit Score: 680
APR: 4.99% to 19.53%
Loan term: 2 - 7 years
Funding turnaround: 1 - 3 business days

With SoFi personal loans, borrowers can get access to up to $100,000 with APR starting as low as 4.99% with extra bonus perks ($500 for each funded loan) and fast turnaround time. 24/7 customer support available.

How much does it cost to get solar panels installed?

The cost of having solar panels installed depends on several factors including:

  • Your energy usage
  • Your location (installation companies may charge more in sunnier parts of the country where solar panels are particularly lucrative and in-demand)
  • The type of equipment available in your area
  • Whether you’re doing it yourself or paying an installation company to do it for you: it’s worth noting that most people hire reputable companies to install the solar panels for them

On average, an 11-panel system of four kilowatts at an average cost of $3.25 per watt would cost $9,620 after tax credit. Using the same system, a 29-panel system of 10 kilowatts at an average cost of $2.75 per watt would cost $20,350 after tax credit.

What is the best way to finance solar panels?

  • Personal loans are generally a good option if you have good credit as you’ll likely be approved for a low-interest rate, making borrowing very affordable. How much you can borrow will depend on your creditworthiness and income, but you can receive your funding in as little as 2 hours after approval, and pay the loan off over a term of (typically) 2-5 years.
  • FHA loans are insured by the Federal Housing Administration and are secured by your home. But unlike home equity loans, if you cannot repay the loan, the bank will not foreclose on your home. This is because lenders can collect insurance from the Federal Housing Administration for up to 90 percent of any loan. Note that you will (usually) need some kind of down payment if the value of the loan is over $7,500. To find out more about FHA loans, click here.
  • Home equity loans are similar to personal loans in that they have consistent monthly payments, fixed interest rates, and fixed repayment timelines. The difference is they are a loan on your home equity, so work much like a mortgage, and will put your home at risk if you default.
  • HELOCs are like credit cards and provide a line of credit that lenders borrow against. Here, lenders generally have a variable interest rate, so your payment is liable to increase or decrease as their interest rate and account balance fluctuate. Like home equity loans, HELOCs are secured against the equity you have in your home, so you may lose your home if you get into financial difficulties.
  • 401(k) loans: many 401(k) plans allow you to take out a loan of up to 50% of your current retirement account value, or $50,000, whichever is smaller. This is a good option if you have bad credit, as no credit check is required. Be aware, however, that they usually restrict your account in some way until you pay off the loan, so it can affect your long-term retirement aims.

Need help finding the right loan?

No worries, we've got you covered! Compare personalized loan options in just minutes without impact on your credit score.

Do solar panel installers offer financing?

Yes, certain installation companies offer financing. Some offer long repayment periods, while some will allow you to pay for your solar panels minus the tax credit, and then they’ll keep the tax credit to pay off the remaining balance of your solar panel installation. If they offer full financing through a partner lender, make sure you compare what they offer with what you could get from an external lender.

Is it smart to finance solar panels?

If you can easily afford the repayments, then it may help you reduce your energy bills and increase the value of your home. That said, you also need to consider if you have the weather to make the most of them. People living in sunny areas can even get paid by the electricity company they’re connected to for the surplus electricity their panels produce, but if you live in Seattle, you’re probably not going to get the same benefits.

What is the solar tax credit for 2022?

If you take out a loan to pay for solar panel installation, you’ll qualify for the solar tax credit or investment tax credit (ITC). This federal incentive lets people claim back 26% of their total solar panel installation costs as part of their taxes.

Is a solar loan tax-deductible?

FHA-backed solar loans are usually tax-deductible. The amount you’ll save will depend on your tax liability.

What are the pros and cons of solar panel financing?

Here are some pros of solar panel financing:

  • It adds value to your home as some people specifically look for solar panels when buying a home. More specifically, for a house worth $500,000 solar panels would add $21,500 in overall value
  • It’s future-proof as it relies on a renewable energy source
  • It’s better for the planet because it reduces the demand for fossil fuel-based energy
  • You may make money from solar panels by selling your energy back to the grid

Here are some cons of solar panel financing:

  • Solar panel technology is advancing quickly, so you may still be paying for panels that aren't as efficient as those in 3-10 years
  • Financing anything that you borrow money for will cost more money than if you’d saved up and paid for it up-front, and you may not get your money back if you sell your home

What credit score do I need to finance solar panels?

This depends on what type of loan you’re applying for. Residential PACE loans, for example, are often available to those with poor credit, but they tend to come with a high interest rate and they don’t charge monthly - which can leave you struggling to make the 1 or 2 lump sum payments a month, so we don’t generally recommend them.

Generally speaking, most people won’t find they get a good return on investment if they have a score below 670.

Solar Panel Financing Calculator

To figure out how much you’ll pay for your financing, use our handy calculator:

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Before making any financial decisions, ask yourself if you’re willing to use your home as collateral, how much you can afford to borrow, and whether you have enough home equity. Look into your credit score and see if you can boost it before applying for loans. Then it’s time to start comparing lenders. Look at each lender objectively, weighing up who can offer you the best options for your unique needs. Soon, you’ll have the funding you need and can begin your journey toward a home with solar panels!

Need help finding the right loan?

No worries, we've got you covered! Compare personalized loan options in just minutes without impact on your credit score.

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