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Solar panel systems have high upfront costs, but you should make the money back in savings on electricity over time. If you’re planning to finance the panels, a solar loan calculator can help you determine how much you can afford to borrow.
Use this solar loan calculator to estimate monthly payments toward your loan and how much total interest you’ll pay.
» MORE: Compare solar loan options
Understanding your solar loan calculator results
Monthly payment: This is the amount you’ll pay each month toward your loan.
Estimated total interest: This is the interest amount you’ll pay over the lifetime of the loan. Interest rates on solar loans range from about 6% to 36%, and the rate you receive depends on your credit, income, existing debt and other factors. Borrowers with high credit scores and little debt often get the lowest interest rates.
Total amount repaid: This is the amount you’ll pay by the end of the loan, including the loan principal and interest.
Solar loan calculator
Pre-qualify for an unsecured personal loan
Pre-qualifying allows you to see the rate a lender can offer you without applying for a loan. You can see personalized offers from multiple lenders without impacting your credit score when you pre-qualify with NerdWallet.
Once you’ve reviewed your rates, you can start an application.
Other solar panel financing options
Compare home improvement loans: See which lenders offer the best personal loans for home improvements.
Use a home equity loan: A home equity loan can provide a lump sum of money at a low rate.
Borrow a home equity line of credit: The best HELOC lenders offer low, variable rates.
Cash-out refinance: Lower your mortgage rate and get extra cash with a cash-out refinance.