Solar Loan Calculator: Estimate Your Monthly Solar Loan Payments

Use this solar loan calculator to determine the monthly payments and total interest you'll pay toward a solar loan.
Ronita Choudhuri-Wade
Annie Millerbernd
By Annie Millerbernd and  Ronita Choudhuri-Wade 
Updated
Edited by Kim Lowe

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Solar panel systems have high upfront costs, but you should make the money back in electricity savings over time. If you plan to finance solar panels, a solar loan calculator can estimate your monthly payments and rate to help you determine how much you can afford.

Solar loan calculator

Loan details

2024

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

How will origination fees be paid?
How are origination fees calculated?
Your loan estimate
Monthly payment

$212.47

Total principal
$10,000

Total interest payments
$2,748.23

Total loan payments
$12,748.23

Payoff date
06 / 2029

2024

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Payment datePrincipalInterestMonthly paymentPrincipal balance
Jun 2024$129.14$83.33$212.47$9,870.86
Jul 2024$130.21$82.26$212.47$9,740.65
Aug 2024$131.30$81.17$212.47$9,609.35
Sep 2024$132.39$80.08$212.47$9,476.96
Oct 2024$133.50$78.97$212.47$9,343.46
Nov 2024$134.61$77.86$212.47$9,208.85
Dec 2024$135.73$76.74$212.47$9,073.12
Jan 2025$136.86$75.61$212.47$8,936.26
Feb 2025$138.00$74.47$212.47$8,798.26
Mar 2025$139.15$73.32$212.47$8,659.11
Apr 2025$140.31$72.16$212.47$8,518.80
May 2025$141.48$70.99$212.47$8,377.32
Jun 2025$142.66$69.81$212.47$8,234.66
Jul 2025$143.85$68.62$212.47$8,090.81
Aug 2025$145.05$67.42$212.47$7,945.76
Sep 2025$146.26$66.21$212.47$7,799.51
Oct 2025$147.47$65.00$212.47$7,652.03
Nov 2025$148.70$63.77$212.47$7,503.33
Dec 2025$149.94$62.53$212.47$7,353.39
Jan 2026$151.19$61.28$212.47$7,202.20
Feb 2026$152.45$60.02$212.47$7,049.74
Mar 2026$153.72$58.75$212.47$6,896.02
Apr 2026$155.00$57.47$212.47$6,741.02
May 2026$156.30$56.18$212.47$6,584.72
Jun 2026$157.60$54.87$212.47$6,427.12
Jul 2026$158.91$53.56$212.47$6,268.21
Aug 2026$160.24$52.24$212.47$6,107.98
Sep 2026$161.57$50.90$212.47$5,946.41
Oct 2026$162.92$49.55$212.47$5,783.49
Nov 2026$164.27$48.20$212.47$5,619.22
Dec 2026$165.64$46.83$212.47$5,453.57
Jan 2027$167.02$45.45$212.47$5,286.55
Feb 2027$168.42$44.05$212.47$5,118.13
Mar 2027$169.82$42.65$212.47$4,948.31
Apr 2027$171.23$41.24$212.47$4,777.08
May 2027$172.66$39.81$212.47$4,604.42
Jun 2027$174.10$38.37$212.47$4,430.32
Jul 2027$175.55$36.92$212.47$4,254.76
Aug 2027$177.01$35.46$212.47$4,077.75
Sep 2027$178.49$33.98$212.47$3,899.26
Oct 2027$179.98$32.49$212.47$3,719.28
Nov 2027$181.48$30.99$212.47$3,537.81
Dec 2027$182.99$29.48$212.47$3,354.82
Jan 2028$184.51$27.96$212.47$3,170.31
Feb 2028$186.05$26.42$212.47$2,984.25
Mar 2028$187.60$24.87$212.47$2,796.65
Apr 2028$189.17$23.31$212.47$2,607.49
May 2028$190.74$21.73$212.47$2,416.75
Jun 2028$192.33$20.14$212.47$2,224.42
Jul 2028$193.93$18.54$212.47$2,030.48
Aug 2028$195.55$16.92$212.47$1,834.93
Sep 2028$197.18$15.29$212.47$1,637.75
Oct 2028$198.82$13.65$212.47$1,438.93
Nov 2028$200.48$11.99$212.47$1,238.45
Dec 2028$202.15$10.32$212.47$1,036.30
Jan 2029$203.83$8.64$212.47$832.47
Feb 2029$205.53$6.94$212.47$626.93
Mar 2029$207.25$5.22$212.47$419.69
Apr 2029$208.97$3.50$212.47$210.71
May 2029$210.71$1.76$212.47$0.00
See if you pre-qualify for a personal loan – without affecting your credit score
Just answer a few questions to get personalized rate estimates from multiple lenders.

on NerdWallet

Understanding your solar loan calculator results

Monthly payment is the amount you’ll pay toward your loan each month. Part of it goes to interest, and the rest goes to the principal.

Total interest payments are the amount you’ll pay in interest alone over the lifetime of the loan. This number tells you how much it actually costs to borrow the funds.

Total loan payments are the amount you’ll pay by the end of the loan, including the loan principal and interest.

How to apply for a solar loan

Here are five steps to apply for an unsecured 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

Compare home improvement loans: See which lenders offer the best personal loans for home improvements.

Use a home equity loan: If you have equity in your home, a home equity loan can provide a lump sum of money at a low rate.

Borrow a home equity line of credit: A home equity line of credit borrows against your home’s equity and can provide flexibility for the amount you need. The best HELOC lenders offer low, variable rates.

Cash-out refinance: Lower your mortgage rate and get extra cash with a cash-out refinance.

Comparing options? See if you pre-qualify for a personal loan - without affecting your credit score
Just answer a few questions to get personalized rate estimates from multiple lenders.

on NerdWallet

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