Solar Loan Calculator: Estimate Your 2025 Monthly Solar Loan Payments
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Solar loan calculator
Loan details
Your loan estimate
Monthly payment
$212.47
$10,000
$2,748.23
$12,748.23
06 / 2030
Show amortization schedule
Understanding your solar loan calculator results
How to apply for a solar loan
- Check your credit: Your credit score is a key factor in qualifying for a loan and in the rate you receive. Review your credit report and fix any errors that might be hurting your score. You can check your credit score for free with NerdWallet or request a credit report from AnnualCreditReport.com.
- Pre-qualify and choose a lender: Pre-qualifying allows you to see the rate a lender may offer you without impacting your credit score. You can compare personalized offers from different lenders to find the loan amount you need as well as monthly payments that fit your budget.
- Gather your documents: Lenders will ask for documents to verify your identity, address, employment and income. These can include copies of a driver’s license, utility bill, tax return and W2.
- Apply for a loan: You can apply online or in person, depending on the lender. A formal application requires a hard credit check, so your score may drop by a few points temporarily. If you’re approved, expect to get your funds in less than a week. Your first payment will typically be due after 30 days.
Other solar panel financing options
Can I get financing for a solar panel system?
In addition to tax incentives and rebates, there are options available. Many solar installers offer financing, but you may also be able to finance your solar investment through a home equity loan or home equity line of credit (HELOC). These options may have lower interest rates than financing with an installer, future opportunities for refinancing and possible tax benefits.
Home equity loans and HELOCs are ways to borrow against the value of your home, converting equity into cash. With a home equity loan, you receive a lump-sum payment and then pay it back at a fixed interest rate over an agreed period of time, typically from five to 30 years. HELOCs are more akin to a credit card, something you use as needed. You’ll usually have 10 years to draw from the line of credit, during which time you only have to pay interest, and after that you pay both the principal and interest. HELOC interest rates typically are variable, meaning your monthly payment could rise or fall over time. And with each of these options, you're using your home as collateral.
Min. credit score 600 | Min. credit score 640 |
Min. down payment N/A | Min. down payment N/A |
Another option is a solar loan. Many banks, credit unions and online lenders offer these to fund solar panels and installation, with amounts typically from $1,000 to $100,000, and annual percentage rates ranging from 6% to 36%. They function like a personal loan: you receive a lump sum and repay it in equal monthly installments over a set period, typically two to seven years. And unlike with home equity financing, there is no collateral required for a solar loan. This means your home or solar panels aren’t at risk if you miss payments, but you may have to pay late fees.
So, yes, you likely can get financing. If you go this route, compare interest rates, terms and fees with any financing package that a solar provider may offer you to ensure you get the best deal.
Article sources
- 1. National Bureau of Economic Research. Prodigals and Projecture: An Economic History of Usury Laws in the United States from Colonial Times to 1900. Accessed May 2, 2025.
- 2. Federal Register. Federal Interest Rate Authority: A Rule by the Federal Deposit Insurance Corporation on 07/22/2020. Accessed May 2, 2025.
- 3. Federal Reserve Bank of St. Louis. Finance Rate on Personal Loans at Commercial Banks, 24 Month Loan. Accessed May 23, 2025.
- 4. Consumer Financial Protection Bureau. What Is a Debt Relief Program and How Do I Know if I Should Use One?. Accessed Jan 16, 2025.
- 5. Consumer Financial Protection Bureau. Truth in Lending Act (TILA) examination procedures. Accessed May 2, 2025.
- 6. Internal Revenue Service. Canceled debt – Is it taxable or not?. Accessed Apr 1, 2025.
- 7. Center for Responsible Lending. Payday and Other Small Dollar Loans. Accessed May 2, 2025.
- 8. National Credit Union Administration. Credit Union and Bank Rates 2024 Q4. Accessed May 23, 2025.
- 9. Federal Reserve. Military Lending Act. Accessed May 2, 2025.
- 10. Consumer Financial Protection Bureau. Consumer Use of Buy Now, Pay Later and Other Unsecured Debt. Accessed Jan 24, 2025.
- 11. Consumer Financial Protection Bureau. What is a payday loan?. Accessed May 2, 2025.
- 12. Center for Responsible Lending. Unsafe Harbor: The Persistent Harms of High-Cost Installment Loans. Accessed May 2, 2025.
- 13. Angi.com. How Much Does It Cost to Make My Home Accessible?. Accessed Nov 12, 2024.
- 10. Consumer Financial Protection Bureau. Consumer Use of Buy Now, Pay Later and Other Unsecured Debt. Accessed Jan 27, 2025.
- 15. Internal Revenue Service. Retirement Topics - Plan Loans. Accessed Apr 8, 2025.
- 11. Consumer Financial Protection Bureau. What is a payday loan?. Accessed Apr 4, 2025.
- 17. The Pew Charitable Trusts. Payday Loans Cost 4 Times More in States With Few Consumer Protections. Accessed Apr 4, 2025.
- 9. Federal Reserve. Military Lending Act. Accessed Apr 4, 2025.
- 19. Internal Revenue Service. Retirement topics: Exceptions to tax on early distributions. Accessed Apr 8, 2025.
- 20. Administrative Office of the U.S. Courts. Bankruptcy Basics. Accessed Apr 8, 2025.
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