Advertiser Disclosure

Solar Loan Calculator: Estimate Your Monthly Solar Loan Payments

March 13, 2020
Loans, Personal Loans
At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Solar panel systems have high upfront costs, but over time, you should make your money back in savings on your utility bill and an increase in your home value. If you’re considering a solar loan 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.

Understanding your solar loan calculator results

Monthly payment: This is the amount you’ll pay each month toward your loan.

Total interest paid: 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, so interest makes up less of the amount they pay toward the loan.

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

» MORE: Best home improvement loans

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. Pre-qualifying for a personal loan with NerdWallet lets you see personalized offers from multiple lenders without an impact to your credit score.

Once you’ve reviewed your rates, you can start an application.

CHECK RATE on NerdWallet

Other personal loan calculators

Personal loan calculator for home improvements: Find out your monthly payments and potential interest rate on a home improvement loan.

Debt-to-income ratio calculator: Calculate your debt-to-income ratio. This is your monthly income, divided by your monthly debt payments.

Credit score personal loan calculator: Find out what personal loan options may be available to you, based on your credit score.

About the author