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Best Solar Panel Loans

There are several types of financing that can be used to pay for solar panels, such as personal loans and home equity loans.

Author
By Dori Zinn

Written by

Dori Zinn

Writer

Dori Zinn is a personal finance journalist with work featured in Huffington Post, Quartz, Wirecutter, Bankrate, and others. She loves helping people learn to be better with money.

Edited by Savannah Plasch

Written by

Savannah Plasch

Savannah is an Editorial Assistant at Credible. She earned her BA from UCLA in 2020 and is currently pursuing her MFA in Creative Writing at Queens University of Charlotte.

Updated June 21, 2024

Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”

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Credible Takeaways:

  • Solar panels may cost anywhere from $12,000 to $30,000.
  • Many lenders offer personal loans to pay for solar panels.
  • Some solar companies offer in-house financing to install solar panels.

Adding solar panels to your home can be a good way to conserve energy and save money on electricity. In fact, they could save you between $20,000 and $96,000 over the lifetime of your solar panel system, according to EnergySage.

However, while this could help you to greatly reduce your electricity bill, adding solar panels to your home can be expensive. One way to potentially cover this expense is with a solar loan — a type of personal loan used for adding solar panels or otherwise improving your home’s energy efficiency.

Compare solar panel loans

On average, solar panels can cost anywhere from $12,000 up to $30,000, according to Modernize Home Services. Keep in mind that your actual cost can vary depending on:

  • Where you live
  • The types of panels you choose
  • How many panels you purchase
  • The company you hire

If you decide to take out a personal loan to pay for solar panels, it’s important to consider multiple lenders by prequalifying first.

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4.24.2

Credible rating

Fixed (APR)

6.99% - 25.49%

Loan Amounts

$5000 to $100000

Min. Credit Score

700

Check Rates

on Credible’s website

View Details

3.93.9

Credible rating

Fixed (APR)

7.80% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

620

Check Rates

on Credible’s website

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4.44.4

Credible rating

Fixed (APR)

-

Loan Amounts

$2500 to $40000

Min. Credit Score

660

Check Rates

on Credible’s website

View Details

4.54.5

Credible rating

Fixed (APR)

8.49% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

600

Check Rates

on Credible’s website

View Details

44

Credible rating

Fixed (APR)

8.98% - 35.99%

Loan Amounts

$1000 to $40000

Min. Credit Score

660

Check Rates

on Credible’s website

View Details

4.94.9

Credible rating

Fixed (APR)

8.99% - 29.99%1

Loan Amounts

$5000 to $100000

Min. Credit Score

Does not disclose

Check Rates

on Credible’s website

View Details

44

Credible rating

Fixed (APR)

8.99% - 35.99%

Loan Amounts

$2000 to $50000

Min. Credit Score

600

Check Rates

on Credible’s website

View Details

3.93.9

Credible rating

Fixed (APR)

9.95% - 35.99%

Loan Amounts

$2000 to $35000

Min. Credit Score

550

Check Rates

on Credible’s website

View Details

4.34.3

Credible rating

Fixed (APR)

11.69% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

560

Check Rates

on Credible’s website

View Details

3.93.9

Credible rating

Fixed (APR)

18.00% - 35.99%

Loan Amounts

$1500 to $20000

Min. Credit Score

540

Check Rates

on Credible’s website

View Details

All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms

10 best loans for solar panels

As you compare your personal loan options, keep in mind that personal loans for solar panels or other upgrades for energy efficiency are generally referred to as home improvement loans.

Best home improvement loans and low rates

LightStream

4.2

Credible Rating

Check Rates

on Credible’s website

Est. APR

6.99 - 25.49%

Loan Amount

$5000 to $100000

Min. Credit Score

700

Pros and cons

More details

Best fast personal loans for all credit types

Upstart

3.9

Credible Rating

Check Rates

on Credible’s website

Est. APR

7.80 - 35.99%

Loan Amount

$1000 to $50000

Min. Credit Score

620

Pros and cons

More details

Best for no origination fees (and low rates)

Discover Personal Loans

4.4

Credible Rating

Check Rates

on Credible’s website

Est. APR

-

Loan Amount

$2500 to $40000

Min. Credit Score

660

Pros and cons

More details

Best for fair credit

Upgrade

4.5

Credible Rating

Check Rates

on Credible’s website

Est. APR

8.49 - 35.99%

Loan Amount

$1000 to $50000

Min. Credit Score

600

Pros and cons