Banks that specialize in lending to solar companies

Where can I get a solar loan?

Many different institutions offer solar loans, including local and national banks, specialty financing companies, manufacturers, and credit unions. To choose the best solar loan for you, compare options from a few different financing providers. Use the EnergySage Solar Marketplace to review multiple equipment, installer, and financing options.

What is the best type of solar panel financing?

For many people, the best type of solar panel financing is probably a personal loan for solar. A personal solar panel loan will come with fixed interest rates and fixed monthly payments that never change during the life of the loan. Some home improvement loans have higher limits or longer terms to make it easier to pay for more expensive options.

What is a solar loan?

Solar loans are typically unsecured personal loans used to finance the purchase and installation of solar panels. These loans can have amounts from $1,000 to $100,000. Personal solar loans are one way to fund solar panels; other options include home equity, federal incentives or leasing if you aren't ready to buy.

What is the best solar loan provider?

SoFi is our top choice for the best solar loan provider because it offers same-day funding, high borrowing limits, and no fees. We evaluated more than 70 lenders based on loan costs, terms, borrowing requirements, customer experience, and more. This lender does not disclose its minimum credit score requirements.

Are solar panel loans a good idea?

Solar panel loans are generally secured by the panels themselves. This means that if you default, your panels can be repossessed by the loan provider. One thing to keep in mind, though, is that these loans typically come with lower interest rates, so repayment may not be as financially challenging as an unsecured loan.

Can you get a loan for solar panels?

Some personal loan lenders offer home improvement loans for solar panels with terms of up to 12 years. Solar contractor financing may come with longer terms, such as 15 or 25 years. Choosing a shorter term will save you money on interest. Just make sure you can afford the monthly payments. What Happens If I Default on a Solar Panel Loan?