Finding The Best Solar Loan Providers

and Solar Loan Rates

Everything You Need to Know About Solar Loan Providers and Loan Rates

For many people, one of the first steps in going solar is finding solar financing. Fortunately, there are many credit unions, nonprofits, banks and lenders offering solar loans. With so many options available, choosing the right lender can seem tricky.

That’s why we’ve put together a helpful guide to finding the best solar loan providers and solar loan rates.

solar loan lenders

What is the best way to finance solar panels?

The best way to finance your solar panels depends on a wide range of factors. It’s important to research and compare a variety of solar loan providers and loan types. The lowest loan rates usually offer the most savings, but don’t ignore the other terms.The structure, fees and finer details can also determine whether a loan is suitable for you.

  • Banks
  • Credit Unions
  • Solar Panel Manufacturers
  • Utilities
  • Municipalities


Most banks offer secured and unsecured solar loans.

Secured loans usually require substantial home equity to use as collateral. In return, you’ll often get lower solar loan rates, fewer fees and tax-deductible interest payments. Unsecured loans don’t require collateral and are usually approved more quickly. However, they tend to have higher solar rates and additional fees.

PACE loans are repaid through property tax assessments, but the loan rates are generally much higher. Finally, on-bill financing allows you to make loan payments via charges on your monthly utility bill.

Credit Unions and Solar Financing Companies

Alternatively, credit unions and solar financing companies may provide less costly loans specifically for solar energy. Many solar panel manufacturers and installers offer loan services during the installation process. Several government-backed loan programs also provide low-cost financing to eligible homeowners.

How can you qualify for the best solar loan rates and terms?

Improve Your Credit Score

First and foremost, the rates you’ll receive depend on your creditworthiness. Every lender uses their own set of criteria, so be sure to explore all your options.In some cases, your financial institution may also offer you more favorable terms. Whenever possible, apply for pre-qualification to receive more accurate rates without undergoing multiple hard credit inquiries.

Of course, the most reliable way to get excellent rates is to improve your creditworthiness.You can start by requesting your credit reports, carefully reviewing them and promptly disputing any mistakes.

Lower Your Debt

Next, work on paying down your outstanding debts before applying for a new loan. If you have any accounts that were placed in collections, focus on paying those off first. These actions will help you raise your credit score and qualify for better solar loan rates.

However, it’s important to note that your credit score isn’t everything. Solar loan providers typically also base their decisions on your debt-to-income ratio. This metric is used in assessing your ability to pay and in setting your loan terms. Consider whether you can improve this ratio by reducing your debt or increasing your earnings.

Which Lender to Choose for the Best Solar Loan Rates?

By comparing the available rates, you’ll be able to make a confident, informed decision that’s best for you.

Trying to finance solar energy systems doesn’t have to be an intimidating process. From personal bank loans to specialty financial products, solar loan providers offer solutions for nearly everyone.

Alternatives Federal Credit Union 607-273-4611 See below Solar Loans, Energy Efficiency Loans NY 5.49%


CT Green Bank 860-563-0015 See below Solar Loans, Energy Efficiency Loans CT 4.49%
Center for Energy and The Environment 612-335-5851 See below Solar Loans, Energy Efficiency Loans, Home Improvement Loans MN 2.50%



City of Milwaukee 608-243-5000 See below Solar Loans, PACE Financing WI 6.75%
Clinton Savings Bank 888-744-4272 See below Solar Loans, PACE Financing MA 6.50%
Dividend Solar 844-805-7100 See below Solar Loans, PACE Financing CA, AZ, CO, CT, DE, FL, GA, HI, IL, MA, MD, MI, MO, NC, NH, NJ, NM, NY, OR, RI, SC, TX, UT, VA Not Provided
Eagle Community Credit Union 949-588-9400 See below Solar Loans, Energy Efficiency Loans CA 4.99%
Educational Employees Credit Union 559-437-7700 See below ECOlogical Loan CA 6.50%
Elevations Credit Union 800-429-7626 See below Solar Loans, Energy Efficiency Loans CO 2.75%
Energy Loan Network 844-356-5626 See below Solar Loans CA 6.30%
First Citizens’ Federal Credit Union 800-642-7515 See below Solar Loans MA 5.00%
Franklin First Federal Credit Union 413-774-6700 See below Mass Solar Loans MA 5.50%
Michigan Saves 517-484-6474 See below Solar Loans, Energy Efficiency Loans MI 6.50%
Nebraska Energy Office 402-471-3359 See below Dollar and Energy Saving Loans NE 3.50%
PSE&G Solar Loan Program Description See below Solar Loan Program NJ 11.18%
Provident Credit Union 800-632-4600 See below Solar Loans CA 6.50%
Redwood Credit Union 707-545-4000 See below Solar Loans CA 6.99%
SF Fire Credit Union 415-674-4800 See below Solar Loans NJ 6.99%
Shrewsbury Federal Credit Union 508-845-6755 See below Solar Loans MA 5.99%


St. Lucie County Florida(Non-profit Organization) 772-468-1818 See below PACE Program FL 6.00%


Stoughton Co-operative Bank 781-344-3080 See below Solar Loans MA 4.74%


UmassFive College Federal Credit Union 800-852-5886 See below Solar Loans MA 5.00%
Wheelhouse Credit Union 888-907-3628 See below Solar Loans San Diego and Southern California 4.74%
Matadors Community Credit Union 818-993-6328 See below Solar Loans, Energy Efficiency Loans CA 3.99%
Ygrene Energy Fund 866-634-1358 See below PACE Program CA, FL, MO Not Provided
Home Loan Investment Bank 800-223-1700×220 See below Solar Loans, Energy Efficiency Loans USA Not Provided
Bank Five 774-888-6100 See below Home Improvement Loans MA, RI Not Provided
AmeriFirst 800-228-2179 See below Home Improvement Loans USA 6.99%
Bank of Colorado 402-434-3127 See below Solar Loans CO, NM Not Provided
BayCoast bank 508-678-7641 See below Solar Loans, Energy Efficiency Loans MA Not Provided
Clark Public Utilities 360-992-3355 See below Solar Energy Program WA 3.50%
First New York Federal Credit Union 518-393-1326 and press 3 See below Solar Loans NY Not Provided
Naveo Credit Union 617-547-3451 See below Mass Solar Loans MA 4.75%

Program Description

Energy efficiency solar loans with term up to 15 years, and maximum loan amount $25,000.

Energy efficiency solar loans with term up to 5, 7, 10, 12 years, and no money down.

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