Solar Panel Loans: Compare Solar Financing Options
Solar loans fund solar panels and installation. You can use an unsecured personal loan, home equity financing or cash-out refinancing.
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If you want to save on your utility bills and shift to a sustainable source of energy, solar panels can be a cost-effective option.
The average solar panel system, including installation, can cost between $15,000 and $25,000, according to the Center for Sustainable Energy, but systems can last 25 to 30 years and save you thousands of dollars in electric bills over their lifetimes.
One financing option is unsecured personal loans, which have fixed interest rates and terms of two to seven years. The short repayment terms on unsecured solar loans make them one of the quickest ways to pay off the purchase so you can start saving.
You can also consider a home equity loan or line of credit or cash-out refinancing to pay for solar panels. Federal and state tax benefits are also available to help you get some of the money you spend back. If you’re not ready to commit to solar panels of your own, leasing is also an option.
Here are five lenders that offer unsecured solar loans, as well as details about other financing options.
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Why trust NerdWallet
- 35+ personal loans reviewed and rated by our team of experts.
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Solar Panel Loans: Compare Solar Financing Options
Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Learn more | |||
|---|---|---|---|---|---|
4.5 /5Rate discount | 6.49-25.29% | $5,000-$100,000 | 660 | See Offers on LightStream's website |
Last updated on August 1, 2023
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
- Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
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