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.
» 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.
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.
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.